Well price they need to provide is mid point $1.85 mentioned in letter for board to consider.
Ferrovial has mentioned they will go hostile if they don't get enough acceptance. It implies they are not walking away.
I am not sure how many millions they have already sunk in preparing bidders statement and sending out bidder statements to all shareholders.
I think they will end up paying less than last time but not $1.35 instos would rather hold out to the end.
They will probably get significant retail holders and instos at the $1.85.
They may need to tip in more for true believers/invwstors like Allan Gray and Co.
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Ann: BRS Directors recommend shareholders reject Ferrovial Offer, page-8
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