Ferrovia could have done a market raid and snap 15% straight away. But chose not to do so. Poorly advised? If it bids at $2 it will be game over. Now, BRS board has to move fast to prevent this low ball offer from gaining traction. Offer price is pitched at about 4.5 times EBITDA. 6 times EBITDA is norm when buying this type of business.
Ann: Broadspectrum recommends shareholders take no action, page-3
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