8 percent return short time, page-4

I agree, Nightmare. I have a number of 1.60 in my head, which is just a guess of course. They usually come in with a low offer to give themselves room to move up. So if the BRS board tells them to go away, they will up their hostile bid offer to around 1.60 maybe. Even better, if the board decides to cooperate, they will negotiate an offer which could be around 1.70 to 1.80. I see that BRS is busy releasing announcements about new contracts, shoring up their support for a higher price no doubt. The games appear to have begun - how low will BRS go, how high will Ferrovial go. All good for the shareholders, even those with losses will recoup something.

I have participated in several takeovers like this one and there is always a higher offer, even when the company trying to take over says 'this is our last offer'.