Spanish construction group Ferrovial revealed today that it has received just 0.35% of shareholder acceptances in its proposed consortium takeover of British airports operator BAA.
As a result, Ferrovial said in an official statement that its £8.75 billion sterling bid has been extended to June 19.
BAA, the owner of Heathrow, Gatwick, and Stansted airports which border London, had in April rejected Ferrovial's 810 pence per share hostile offer, arguing that it 'bears no relation to the true value of the company'.
The consortium assembled by Ferrovial also includes pension fund manager Caisse de depot et placement du Quebec and Singapore's GIC Special Investments.
