no buyback = no confidence, page-3

Utter nonsense.

You don't run a billion dollar company based on the gyrations of the market. Let me break this down for you:

1) There's no confusion - management have been very clear that the takeover offer is too low.
2) The purpose of the buy-back is to support the share price should the takeover offer fail.
3) It's not in shareholders' interests to use capital to buy at $1.20 to support the share price for traders that like to circle-jerk over 10c variations in price. They can wait until they're 80c after the offer fails (if they ever get that low again).

It's as clear as day Ferrovial have run a crap-shoot takeover and if they don't want to up the offer then so be it. If you can't handle the risk then I suggest you sell.