Advent confirms interest in Aldeasa

John Gallagher

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The Dufry Group owner confirms it is studying a bid to take over Aldeasa, as the Spanish retailer's share price reaches a five-year high

Venture capital company Advent International has confirmed to Spanish stock market regulatory body Comisión Nacional del Mercado de Valores (CNMV) that it is considering a bid for travel retailer Aldeasa. According to the official statement Advent is yet to make a decision and the group refused to comment further.

The company made the statement following press speculation in Spain that Advent, with its majority-owned Swiss retailer Dufry Group in tow, was about to launch a counter bid in response to the Eu29 ($37.66) per share bid made by the GEA consortium last month, which was given the go-ahead by the CNMV last night.

The CNMV also confirmed this morning that the GEA bid is open for acceptance by Aldeasa shareholders until February 21.

As investors speculated about a counter bid or an improved offer from the GEA consortium, trading has been brisk in Aldeasa shares during the morning and early afternoon. This afternoon the share price reached a five-year high of Eu33 ($42.85), up by 2.4% on yesterday's close.