Spanish firm increases bid by almost 拢1bn but BAA says that shares are worth more.
Airport group BAA has rejected an improved 拢9.7bn offer from Spanish contractor Ferrovial.
Ferrovial announced today that it had offered 900p for each BAA share, valuing the firm at 拢9.7bn. The price is a significant increase on its earlier bid of 拢8.75bn.
Ferrovial said in a statement that it had decided to make the terms of the offer public as BAA had rejected its bid without being willing to engage in discussion with Ferrovial. The statement said: "The board of [Ferrovial] believes that the increased offers represent extremely attractive value鈥� and hence it is disappointed that BAA has chosen to reject such offers without further discussion."
Last week, BAA said it believed it was worth at least 940p a share.
