BAA: Sachs offer is old news

By Administrator |

BAA has confirmed over the weekend that it did receive a second confidential approach to buy the company from a consortium which included the Goldman Sachs Infrastructure Group.The consortium apparently offered the equivalent of 870p

a share on March 30, but it also included a partial share alternative in the bid vehicle to be issued in certain circumstances. BAA said: ‘The proposal was conditional, inter alia, on final approval from the relevant investment committees of the individual members of the Consortium, due diligence by the Consortium, its advisers and financiers and a recommendation from BAA?s Board.’The Board of BAA rejected this approach because it clearly fails to reflect the true value of the Company. Since then, BAA has received no further communication from the Consortium.’As reported already, a consortium headed by Spanish construction-to-airports giant Ferrovial has already offered 810p a share, valuing the company at ?8.75bn, but this has been rejected as too low by the BAA Board and its leading shareholders.Interestingly, the rejected Goldman Sachs offer represents a substantial premium on that of Ferrovial, which suggests that the Spanish led consortium's offer as it stands today is dead in the water.

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