Directors of UK airport’s operator BAA have agreed a takeover by the Spanish building group Ferrovial.
Following lengthy discussions yesterday and some form of auction process, BAA issued the following statement this morning:
“The Board of BAA confirms that it has agreed, subject to final documentation, a revised definitive proposal from the Ferrovial Consortium valuing BAA at 950.25 pence per share. As part of this consideration, shareholders will be entitled to receive the proposed final dividend of 15.25 pence per share. The Board believes that an offer at this level represents an attractive price for BAA. The Board will make a further announcement shortly.”
Ferrovial were given until midnight on Monday to table a final offer for BAA after the board rejected their earlier offers.
Ferrovial are battling against a consortium led by Goldman Sachs to win control of BAA.
According to the reports , Goldman Sachs had tabled an offer for the BAA group, which involved paying 940p for each share and a special dividend of 15.25p per share.
The process is not necessarily over as it is thought that Goldman Sachs will have an opportunity to increase their bid, by a Friday deadline. The suggestion is that the bid will have to be significantly improved to beat the Ferrovial offer.