BRS 1H16 shoots the lights out, page-17

A takeover/attempted takeover is good for shareholders. We learn what another company values the company, and it is usually a 'floor' so it gives guidelines on a company's commercial value. I don't believe Ferrovial will go away. Worse case scenario, they keep dragging this 1.35 offer out instead of upping the offer. Best for shareholders like us to wait until the last minute if we plan to take it, because they can put another extension on, then another...

I might be wrong, but my understanding is that if they do this, no one gets their money until it actually closes. So if I signed over my shares now, they disappear from my portfolio pending the takeover payment, I can't sell them, I'm left in limbo as they keep extending their deadline date.

A buyback is good, it theoretically increases the value of our shares as the company buys back 10%. However it doesn't always work that way, if the company hits earnings headwinds for instance.

The best scenario would be for Ferrovial to bite the bullet and come in with a proper offer - anything over 1.65 I would consider.