We’ve begun reading Broadspectrum’s (BRS) Target Statement released this morning. The Board is recommending shareholders reject the latest Ferrovial offer at $1.35. The independent expert values BRS between $1.71 and $1.98 per share, despite the company claiming it is in a stronger position now than in late 2014, when it rejected an earlier proposal by Ferrovial at $2.00 per share. Here's a brief recap of the BRS saga, started when it was known as Transfield Services