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BAA rebuts third Spanish bidBAA rebuts third Spanish bid
1-May-2006
UK. Airports group BAA has recommended that shareholders reject Grupo Ferrovial's latest hostile takeover bid, which once again offered a price of 810 pence a share, valuing the company at £8.7bn ($15.3m)
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In a statement BAA said the bid was "made at a price that bears no relation to the true value of the company". As DFNI went to press BAA shares
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(25-Apr-2006) - BAA has rejected the latest takeover bid from Grupo Ferrovial, but the Spanish consortium may be heading into talks with the UK's Civil Aviation Authority regarding BAA's debt burden
(10-Apr-2006) - The UK airports group has advised its shareholders to reject the Spanish firm's hostile bid for the business
(7-Apr-2006) - The Spanish-led consortium offers 810p a share—the same bid that was rejected last month by BAA
(17-Mar-2006) - Spanish company Ferrovial's cash offer "does not begin to reflect true value" of BAA
(26-May-2006) - As Grupo Ferrovial continues its bid to purchase the UK airports group, BAA is hoping a 40% increase in dividend per share in 2006/7 will encourage its shareholders not to sell