This seems to be the case.
Spain's Abertis, Aena in agreed 551.3 mln stg bid for UK's TBI - UPDATE
LONDON (AFX) - Spain's Abertis Infraestructuras SA and the Spanish airport authority Aena Desarrollo Internacional SAU have launched an all-cash offer for TBI PLC, valuing the UK airport group at 92.5 pence per share or 551.3 mln stg.
The unit formed for the bid is 90 pct owned by Abertis, while the remaining 10 pct is held by Aena.
The boards of both companies have agreed on the terms of the bid, which also includes a loan note alternative, they said in a statement.
Directors of TBI, which runs the London Luton airport, will "unanimously" recommend the bid to the group's shareholders, it said.
TBI directors and shareholders who hold 29.16 pct of the company have already committed to accept the offer and holders of a further 10.23 pct have expressed their support and agreement to accept the deal in a letter.
"This offer is highly attractive for TBI's shareholders and employees," said TBI chief executive Keith Brooks. "Shareholders will benefit from a cash offer that represents a full and fair value."
As part of the agreement, TBI has cancelled the 0.7 pence interim dividend it declared on Nov 16. It will restore the dividend should the bid lapse or be withdrawn.
A spokesman at Abertis said: "The acquisition of TBI is an important step in the development of Abertis' position as a leading European infrastructure operator."
"(It) will provide our airport business with critical mass and is a further step towards our strategy of expanding across the whole range of infrastructure businesses," he said.
TBI also operates the Belfast International and Cardiff International airports in the UK, the Stockholm Skavsta in Sweden, Orlando Sanford in the US and three major Bolivian airports.