Ferrovial scraps partial share alternative option for BAA cash offer unaffected

Ferrovial scraps partial share alternative option for BAA cash offer unaffected: "Ferrovial scraps partial share alternative option for BAA; cash offer unaffected

LONDON (AFX) - Grupo Ferrovial SA said it has scrapped its partial share alternative option offer for BAA PLC after failing to receive sufficient valid acceptances for the option.

In a statement, the company said it had only received acceptances for a maximum of 10.866 mln Altitude Assets PLC shares, falling short of the 123.521 mln shares acceptance requirement.

The other terms of the recommended final offer remain unaffected, it added.

Shareholders who had opted for the partial shares alternative will now be paid in cash.

As at midnight, July 3, the Airport Development and Investment Ltd consortium owns or has received valid acceptances in respect of 949.024 mln shares, representing about 87.5 pct of BAA.

Last month, the ADI consortium increased the cash component of the part stock, part cash alternative to 898.05 pence per share from the previously announced 897.4 pence.

It had offered the partial share alternative to enable BAA shareholders and bondholders to participate in the business going forward. Altitude will be listed on AIM.

The consortium comprises Caisse de depot et placement du Quebec and the Singapore government's GIC Special Investments Pte Ltd."