As a BAA shareholder, what are the terms of the Ferrovial offer?
Following Goldman Sachs’ decision to withdraw from the battle to acquire BAA, the Ferrovial led consortium has won the day with its 950.25p per share offer. BAA’s management is advising shareholders to accept the terms of the bid so it seems most likely that the offer will succeed. The terms/choices bear in mind that action is required quickly, responses for acceptances have a deadline of 26 June – are as follows the ordinary recommended final offer of 950.25p cash, comprising 935p cash per share and BAA’s final dividend of 15.25p per share the ordinary partial share alternative of 898.5p cash per share plus one fifth of an Altitude Assets share. These shares will be quoted on AIM and will enable the investor to retain a stake in the new company. The Altitude Assets shares are initially valued at 184.75p, so a fifth of that value equates to 36.95p the loan note alternative where part of the proceeds can be taken in loan notes, thus deferring the individual’s CGT liability, if there is
