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Goldman Sachs given BAA deadlineGoldman Sachs given BAA deadline
Emily Pacey
2-Jun-2006
The UK government body that oversees takeovers has given BAA suitor Goldman Sachs one week to make a firm bid
A consortium led by investment bank Goldman Sachs has been given until June 9 to make a firm offer for UK airports group BAA or withdraw from the bidding for six months.The consortium made an offer of 870 pence per share in April but BAA rejected the proposal. Goldman Sachs has tabled no further offer.
The UK takeover panel told the consortium that it must clarify its intentions. If the group decides not to make a firm bid it will be barred from doing so for a further six months under stock market rules.
In a statement it added that the consortium and BAA had agreed to the ruling.
BAA has rejected five hostile takeover bids since February—four from the consortium led by Spanish construction firm Grupo Ferrovial and one from Goldman Sachs.
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