The infrastructure group secured the support of the BAA board last
night, although a rival bid team led by US-based investment house
Goldman Sachs could still scupper its plans with a better offer.
The value of BAA soared overnight as a midnight deadline for
Ferrovial to table a new offer led the UK company into talks with
both bid teams.
BAA previously put a value of at least 940p a share on its
business, but saw Ferrovial come up with an approach worth 950.25p a
share last night. That includes the payment of a BAA dividend worth
15.25p a share.
BAA said the proposal represented an attractive price for the
company, which owns seven sites including Heathrow and Gatwick.
Goldman Sachs said it continued to review its options after it said
it failed with an approach valuing the company at 955.25p a share,
including the dividend of 15.25p a share.