Broadspectrum to buy shares amid takeover battle
Broadspectrum will buy back 10 per cent of its shares after the company announced a rise in net profit to AU$25 million (US$17.8 million) for the six months to December 31, 2015.
In January this year Broadspectrum's investors backed the board's decision to reject Ferrovial's takeover offer to acquire the company for A$1.35 per share. According to CEO Graeme Hunt the company is open to talks with Ferrovial if they make a higher takeover offer
Broadspectrum achieved in its financial year 2015 (ending in June) revenues of A$3,800 million and EBITDA of A$265 million. The company currently employs more than 25,000 people.
Broadspectrum is an Australian publicly listed corporation providing operations and maintenance, asset management, project and capital management outsourcing and infrastructure development services to the resources and industrial, infrastructure services and property and facilities management sectors. The company operates in Australia and New Zealand, Canada, the United States, Chile, Brunei, New Caledonia, and The Philippines.
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