Broadspectrum says NZ OIO 'unlikely' to rule on Ferrovial bid before expiry next month

Mon, 15 Feb 2016

By Paul McBeth Feb. 16 (BusinessDesk) - Broadspectrum, the Australian infrastructure services firm formerly known as Transfield Services, says a hostile offer for the company from Spain's Ferrovial is likely to lapse next month because New Zealand's Overseas Investment Office won't have made a ruling in time. Sydney-based Broadspectrum yesterday said it was "highly unlikely" the A$1.35 a share bid would get OIO approval before the March 7 expiry date. It has rejected Ferrovial's approach and this week its board reiterated that the bid "si...

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