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.


OUT NOW: June/July issue + Top 10 Airports

The TRBusiness June/July 2024 edition, featuring the Top 10 Airports report, is now available...


TR Consumer Forum 2024 photo gallery now live

The TR Consumer Forum 2024 was packed with memorable moments, from the very first networking...


TR Consumer Forum welcomes Gulf Beverages

TRBusiness is proud to announce Gulf Beverages and African + Eastern as Diamond Sponsors for the...

image description

In the Magazine

TRBusiness Magazine is free to access. Read the latest issue now.

E-mail this link to a friend