Ann: Extension of T/O Offer Period, page-14

From the independent experts report:
Valuation of BRS Infrastructure sector $420-450m
Valuation of Resources & Industrial $200-$250m
Americas $100-150m

If Downer bids for these assets, BRS debt will be paid off and will retain a substantial net cash. BRS DSP sector FY15 underlying EBITDA was $256m and could be kept by BRS. BRS can then conduct a massive share buyback which would increase the value of BRS shares.
It looks like Ferrovial is going to miss out. It kept on harping that BRS non-DSP sector value is deteriorating. But if Downer thinks they are a great fit to their business and bids for them then Ferrovial's valuation of BRS is in tatters.