Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

Yesterday morning <a href="https://www.smartkarma.com/entities/21031" target="_blank" data-smartkarma-citation="entities:21031">Ferrovial SA</a> announced a hostile takeover of <a href="https://www.smartkarma.com/entities/5" target="_blank" data-smartkarma-citation="entities:5">Broadspectrum Ltd</a>  (the newly re-named Transfield Services) at $1.35/share. This is a 59% premium to the previous day's close and a 34% premium to the 3-month average. The two main conditions are 50.01% acceptance and FIRB approval. The 50.01% condition may be waived. The Bidder's Statement has been filed with ASIC and I expect with FIRB. There's history here and it isn't that pretty. Ferrovial tried this deal last year at A$1.95-2.00 contingent on due diligence and Transfield shut them down. The stock fell by more than half to recent trading levels. This time Ferrovial is taking the deal directly to shareholders. It won't be pretty going forward either.Expect both sides to go to the mattresses. Much more below the fold.

 Yesterday morning Ferrovial SA announced a hostile takeover of Broadspectrum Ltd  (the newly re-named Transfield Services) at $1.35/share. This is a 59% premium to the previous day's close and a 34% premium to the 3-month average. The two main conditions are 50.01% acceptance and FIRB approval. The 50.01% condition may be waived. The Bidder's Statement has been filed with ASIC and I expect with FIRB. There's history here and it isn't that pretty. Ferrovial tried this deal last year at A$1.95-2.00 contingent on due diligence and Transfield shut them down. The stock fell by more than half to recent trading levels. This time Ferrovial is taking the deal directly to shareholders. It won't be pretty going forward either.Expect both sides to go to the mattresses. Much more below the fold.

Ferrovial & Broadspectrum: Going To The Mattresses

Spain

Ferrovial SA is an infrastructure operator and industrial company. The Company operates in multiple countries in a range of sectors including construction, airport, toll road, and municipal services.  Ferrovial SA also has a services division in which they provide facility management, infrastructure maintenance and upkeep, and energy and waste management services.

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Ferrovial Sa (FER SM)

Ferrovial & Broadspectrum: Going To The Mattresses

Yesterday morning Ferrovial SA announced a hostile takeover of Broadspectrum Ltd (the newly re-named Transfield Services) at $1.35/share. This is...

Travis Lundy

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