Talks between Spanish infrastructure company Ferrovial and Transfield Services have ended after the Australian company rejected an improved A$1 billion bid from Ferrovial.
Transfield’s chairwoman, Diane Smith-Gander, said the board had considered the new offer but felt A$2 a share didn’t reflect Transfield’s underlying value. Ferrovial said a number of issues had impacted value.
Transfield’s share fell as much as 18% following the news.
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