• Sweetened bid of A$1.50 a share is `best and final' offer
  • Australia's Broadspectrum rejected A$1.35-a-share proposal

Spain’s Ferrovial SA raised its bid for Broadspectrum Ltd. by 11 percent to A$769 million ($580 million) and said it’s the best offer it will make for the Australian services provider.

Ferrovial upped its offer to A$1.50 a share in cash, it said in a statement Wednesday. That’s up from a A$1.35 proposal that Broadspectrum rejected in January. The target’s stock closed at A$1.25 in Sydney on Tuesday.

Formerly known as Transfield Services Ltd., Broadspectrum had rejected a previous A$2-a-share proposal from Madrid-based Ferrovial in December 2014.

Ferrovial said the latest proposal is its “best and final offer” unless there’s a superior rival bid. The offer closes on May 2 and is conditional on an 50.01 percent minimum acceptance level.

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