Transfield Services Limited
(ASX:TSE) has scored an indicative, non-binding and conditional takeover bid valued at almost $1 billion by Spanish infrastructure firm Ferrovial Servicios.
The maintenance and construction services company is being offered $1.95 per share and less the value of any dividends or other distributions after the October 17.
While Transfield believes the offer does not reflect the underlying value of the company it has agreed to open its books to its suitor.
The company says conducting exploratory talks with its suitor is in the best interests of shareholders to determine whether a better value proposal can be put forward.
Transfield has recommended shareholders take no action and states there is no certainty an acceptable proposal will eventuate.
Transfield Services rebounded to an annual profit of $52.8 million in the 2014 financial year.
