Ferrovial files prospectus (offer document) for Amey takeover


The initial deadline for shareholders of the UK services company to accept the tender offer is 16 May

The operation, which has a major strategic component, strengthens Ferrovial´s services area and his international strategy

Madrid, 28 April 2003. Last Friday, 25 April, Ferrovial filed the prospectus (offer document) for its bid to take over Amey, one of the UK´s leading services companies.

This marks the beginning of the period in which shareholders of Amey can accept the offer; the initial deadline is 16 May.

The offer establishes other deadlines for compliance with other conditions, the final date being 6 June. If the offer is declared to be unconditional, the shareholders will be paid 14 days later.

The operation, which is supported and recommended unanimously by the Board of Directors of Amey, is conditional upon obtaining offer acceptance of at least 90% of the share capital.

Ferrovial is offering Amey shareholders 32 pence per share (0.47 euros per share), which is a 19% premium over the share price on the day the offer was announced and a 37% premium over the average market price in the previous three months.

Consequently, the total value of the offer for 100% of Amey is 81 million pounds sterling (117.7 million euros).

Ferrovial has already obtained commitments to accept the offer from shareholders representing 32.6% of share capital, including the shares held by the companys directors.

Strengthening the services division and expanding internationally
The operation, which has a major strategic component, strengthens Ferrovial´s services area and his international strategy.

Amey´s activities involve comprehensive management of infrastructure (roads and railways and underground rail) and facility management (maintenance and integrated management of buildings and facilities).

Amey is one of the leading players in the area of private financing and management of infrastructure and services for government under PFI (Private Finance Initiative) and PPP (Public Private Partnership) formulas.

Amey currently has an option to acquire 33% of Tube Lines, the company which holds the maintenance concession for London Underground (Jubilee, Northern and Piccadilly Lines).

Ferrovial was already present in the British Isles through its ownership of Bristol Airport and the recent concession for a toll road in Ireland.

Ferrovial is currently present in Canada, Poland, Australia, the United Kingdom, Portugal, Ireland and Latin America. In 2002, international activities provided 28% of group revenues and 42% of operating profit.


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