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In a statement to the stock exchange, BAA, one of the construction industry's biggest clients, said: "The board 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."

Goldman Sachs issued a response to BAA's statement in which it said the consortium would continue "to review its options".

One of its options would be to increase its 870p-a-share cash offer, which also included a partial share alternative to be issued in some circumstances. The bank's statement warned: "There can be no assurance that any offer will be made, nor as to the terms of the offer if one should result."

However, there was speculation in the market this week that US company General Electric was considering joining the consortium, which would give Goldman Sachs extra fire-power to increase the offer. The existing consortium is thought to include American International Group, the world's biggest insurance company, and Borealis and Ontario Teachers' Pension Plan, both of which are Canadian pension funds.

It is understood that some investors are hoping for an offer priced at 900p a share or more.

Goldman Sachs' approach comes more than two months after the Spanish contractor Ferrovial said it was considering making an 810p-a-share offer for BAA. Ferrovial made a conditional offer at that price, valuing BAA at 拢8.75bn, on 7 April. The BAA board, led by chief executive Mike Clasper, vehemently rejected the approach and said it did not begin to reflect the true value of BAA's "unique portfolio of strategic airport assets".

The offer clearly fails to reflect the true value of the company

BAA statement to stock exchange

Ferrovial's consortium includes Canadian investment fund Caisse de Depot et Placement du Quebec and the Singapore government fund GIC. It is being advised by Citigroup and Australian bank Macquarie.

However, the Spanish company is not out of the race yet as it is thought to be considering raising its initial offer.

BAA, which is being advised on the takeover approaches by Rothschild and UBS, owns and operates seven UK airports, including Heathrow, Gatwick and Stansted. It is the construction industry's client on Terminal 5 at Heathrow, one of the biggest current construction projects in the UK.

Shares in BAA reached a high of 880p on Tuesday, up 4.5% on the previous day's trading as the market speculated on a possible bidding war.