Directors of airports operator BAA have backed a takeover by Spanish building group Ferrovial, the BBC has learned.
Following a secret “auction”, BAA has agreed to a 950p a share offer, which values the firm at £10bn, BBC business editor Robert Peston said.
Ferrovial had until midnight on Monday to table a final offer for BAA, which operates seven UK airports.
Ferrovial had been battling against a consortium led by US investment bank Goldman Sachs to win control of BAA.
According to reports , Goldman Sachs had tabled an offer for the group, which involved paying 940p for each BAA share and a special dividend of 15.25p per share.
However, that offer is unlikely to be enough, according to the BBC business editor.
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