Aldeasa board approves Autogrill bid as GEA withdraws

John Gallagher

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Aldeasa's original suitor drops out as board approves Autogrill bid

The GEA consortium has withdrawn its €29 ($38.67) per share bid for Aldeasa following news that the Spanish travel retailer's board of directors has approved Italian catering group Autogrill's €33 ($44) per share bid for the company. Notices posted on the Spanish stock market regulator CNMV's website this morning confirm that Aldeasa directors voted unanimously to accept the offer from the Autogrill subsidiary Retail Airport Finance (RAF) "if no improved offers are received".

With the share price still trading between €35.40 and €35.50, there is still speculation that an improved bid will be presented before next Monday. The remaining contestant, Swiss operator Dufry Group, has not revealed whether it will improve its €31 ($41.33) per share offer, although financial analysts in Madrid say that company will make its position clear before the end of the week.

Keep an eye on RavenFox.com for more updates.