UK airports group BAA has stood firm in rejecting the latest hostile takeover bid, saying the approach undervalued the company.
BAA is attracting much bid interest
BAA has confirmed that it received and rejected an 870 pence-per-share bid from a consortium led by Goldman Sachs.
"The board of BAA rejected this approach because it clearly fails to reflect the true value of the company," BAA said in a statement.
BAA runs seven UK airports, including Heathrow, Gatwick and Stansted.
Goldman Sachs management has meanwhile banned the bank from using its own money in hostile offers, the Financial Times has reported.
The newspaper said Hank Paulson, Goldman Sachs' chief executive, had ordered the bank to stop making hostile bids using its own money following a "backlash against its role in a string of UK offers".
The bid for BAA from the Goldman Sachs-led consortium came after a consortium led by Spanish construction group Ferrovial had seen their hostile bid of 810p per share rejected.
At the time BAA said that the Ferrovial offer undervalued the company and was "not beginning to reflect the true value of BAA's unique portfolio of strategic airport assets".
BAA is the largest airports operator in the UK, and has also been looking to expand abroad.
It recently trumped other rivals when it paid the Hungarian government $2.2bn (£1.24bn) for control of Budapest airport.