BAA said Friday that it had rejected a "pre-conditional" 810-pence-per-share, all-cash buyout offer from Spain's Grupo Ferrovial and its consortium partners. BAA shares closed at 839 pence Thursday. Ferrovial's offer valued BAA, which operates London Heathrow, Gatwick and Stansted airports, among others, at £8.8 billion ($15.39 billion.). In a statement, the airports operator said it had "no hesitation in rejecting this proposal, which does not begin to reflect the true value of BAA's ...

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