It's a lowball offer but it's a low quality BRS management team...

It's a lowball offer but it's a low quality BRS management team and Board. Ferrovial will be willing to go higher but not much because the BRS Board don't have the credibility to entice a much higher offer without the Spaniards losing face.

Ferrovial have proven to be very patient. They're huge and doing well, they like BRS but aren't desperate to buy it at any price.

I have taken some out and left some in but I would sell the lot now if I thought there was more than a 2% chance that the instos are so stupid that they'll let Ferrovial walk away and leave us all back with the current BRS team long term.

Look at the job the Spanish have done with CIMIC. Very impressive.