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Airport Development and Investment to compulsorily acquire remaining BAA convertibles
By Jennifer Chiou
New York, July 18 - Airport Development and Investment Ltd. said it will compulsorily acquire BAA plc's remaining 2.94% convertible bonds due 2008 and 2.625% convertible bonds due 2009.
As announced on June 26, Airport Development and Investment accepted £418.831 million or 98.78% of BAA's 2.94% convertible bonds due 2008 and £409.297 million or 96.3% of BAA's 2.625% convertible bonds due 2009 in its offer to acquire BAA.
The offer ended at 1 p.m. ET on June 26. Airport Development began the offer on April 20.
On May 30, Airport Development increased the terms of its offer to acquire the entire issued and to-be-issued share capital of BAA.
BAA is a London-based airport operator.
Airport Development is a company held by a consortium formed by Ferrovial Infraestructuras SA, Caisse de Depot et Placement du Quebec and GIG Special Investments Pte. Ltd.
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