Jan 20 (Reuters) - Broadspectrum Ltd BRS.AX :
* Refers to takeover bid made by Ferrovial Services Australia for all the ordinary shares in Broadspectrum
* Broadspectrum directors recommend shareholders reject ferrovial's offer
* Upgrading guidance for FY 2016 and with a solid outlook for FY 2017
* Independent expert's report concludes offer is not fair and not reasonable
* Upgraded guidance for FY 2016 underlying EBITDA to between $265 million to $285 million
* Ferrovial's highly conditional offer significantly undervalues broadspectrum's shares
* "Outlook for FY 2017 is positive, with $2.3 billion in contracted revenue already in hand as at 31 December 2015"
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