Goldman Airport Bid Shot Down

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BAA, the largest airport owner in the world, shot down a bid from a team headed up by Goldman Sach, opting instead to accept a $19.3 billion offer from the Spanish company Grupo Ferrovial. The Goldman led group has ten days to submit a new bid.
A key difference between the bids, which both offer shareholders a dividend of 15.25 pernce, is that the Ferrovial investors, advised by Citigroup, already have regulatory approval for the takeover. The Goldman bid is presumably contingent on getting such approval. Rothschild Group and UBS are advising BAA.
It also appears that Goldman may never have made a formal offer, according to an analyst quoted in Bloomberg.

"Goldman have said they've got the money, but haven't actually made an offer,'' said Andy Murphy, an analyst in London at Panmure U.K., with a ``hold'' rating on the stock. "Goldman will have to really go for it and offer about 10 pounds.''

Update:This story indicates the the Goldman group did submit a full bid.
Goldman's revised bid is due Friday, June 16th. So what does this mean for the real world? And by "real world" we mea, of course, the chance of getting out of the office if you are working on the deal.
Goldman bankers=cancel your weekend plans.
Citigroup=also totally screwed; preparing counter-bids.
Rothschild/UBS=pray Goldman doesn't get its bid in until after this weekend but well before next weekend.
Everyone's lawyers=associates absolutely screwed no matter what; partners watching billable hours meters ticking ever higher.

BAA Accepts 10.1 Bln-Pound Ferrovial Bid Over Goldman
[Bloomberg]

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