Broadspectrum, the Australian infrastructure services firm formerly known as Transfield Services, says a hostile offer for the company from Spain's Ferrovial is likely to lapse next month because New Zealand's Overseas Investment Office won't have made a ruling in time.

Sydney-based Broadspectrum on Monday said it was “highly unlikely” the $A1.35 a share bid would get OIO approval before the March 7 expiry date. It has rejected Ferrovial’s approach and this week its board reiterated that the bid “significantly undervalues” the infrastructure services firm. The ASX-listed shares last traded at…