New owner vows to complete construction of Heathrow Terminal 5 near London. (Photo courtesy of BAA plc)
After resisting Ferrovial’s offers since April, BAA on June 5 agreed an increased bid valuing the company at around $19 billion. “The offer represents a premium of more than 49% to the 30 day average pre-bid share price and, accordingly, the BAA board is recommending that shareholders accept the offer,” explains BAA Chairman Marcus Agius.