Hmm i wonder if Ferroival is not getting the uptake they thought they'd get with their low ball offer, the start of the Second Sup Bidders statement starts off as....
5 REASONS WHY FERROVIAL'S $1.35 CASH OFFER FOR BROADSPECTRUM IS EVEN MORE ATTRACTIVE IN THE CURRENT ENVIRONMENT
1.Stock markets and the prices of Broadspectrum's selectedlisted peers have declined
2.Commodity prices have almost halved in the last 12 months
3.The implied multiple exceeds peer multiples even before adjusting for Broadspectrum's earnings concentration
4.Post 2016 earnings sustainability remains highly uncertain
5.The outlook for the company has changed significantly in the last 12 months
And Yadda Yadda, TSE/BRS price was already significantly down compared to peers, but i would dispute the Post 2016 earnings outlook considering TSE/BRS contracts they have and length of time on them and they keep winning renewals.
