TheMoodieReport.com

TheMoodieReport.com: "The BAA Board has agreed to support a takeover by a consortium led by Spanish infrastructure group Ferrovial.

In a statement issued around 08.30 GMT the company said: 'The Board of BAA confirms that it has agreed, subject to final documentation, a revised definitive proposal from the Ferrovial Consortium valuing BAA at 950.25 pence per share. As part of this consideration, shareholders will be entitled to receive the proposed final dividend of 15.25 pence per share. The Board believes that an offer at this level represents an attractive price for BAA. The Board will make a further announcement shortly.'

The announcement followed an earlier well-sourced BBC report indicating acceptance was imminent. This followed yesterday afternoon�s dramatic news that the UK airports company had agreed to talks with its hitherto hostile bidder (operating as Airport Investment and Development Limited), plus a rival consortium, led by Goldman Sachs.

The 950.25 pence a share offer values BAA at �10 billion. Ferrovial�s last, rejected, offer had been 900 pence per share. Ferrovial had until midnight yesterday to table a final offer for BAA, which operates seven UK airports.

What of the Goldman Sachs offer?

Details are still emerging but the BBC said the group had been considering an offer at 940 pence for each BAA share and a special dividend of 15.25 pence per share.

[UPDATE: 08.20 GMT: A statement by the Goldman Sachs Infrastructure Group on the BAA website confirmed that yesterday, 5 June, it submitted a fully financed proposal of 955.25 pence per share (including the declared final dividend of 15.25 pence). It said it noted 'the press speculation' regarding BAA plc and a possible offer by Airport Development and Investment "