BAA accepts £10bn takeover bid

Airports operator BAA has today (Tuesday) accepted a £10.3bn takeover bid from Spanish construction giant Grupo Ferrovial.

Ferrovial offered to pay 950.25 pence per share, including a proposed final dividend of 15.25 pence per share. Last week, Ferrovial's hostile offer of 900 pence a share was rejected by BAA.

"The board believes that an offer at this level represents an attractive price for BAA," said BAA in a statement.

Ferrovial appears to have pipped a consortium led by U.S. investment bank Goldman Sachs after it earlier confirmed it had offered 955.25p per share. However, there will still be an opportunity for the consortium to launch another offer.

Ferrovial has recruited Australia's Macquarie Bank to its bidding team, along with Canadian Caisse de depot et placement du Quebec and Singapore's GIC Special Investments.