Aldeasa board rejects Dufry bid

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The Spanish operator rejects the bid from its Swiss rival as "financially inadequate"

Spanish travel retailer Aldeasa has rejected Dufry Group's Eu31 ($40.76) per share takeover bid. Aldeasa directors said the offer was financially inadequate following a "fairness opinion" offered by adviser Morgan Stanley, particularly in light of the Eu33 ($43.42) per share offer from Italian catering conglomerate Autogrill.

The Autogrill bid has yet to be approved by Spanish stock market regulator CNMV, but if successful would give Aldeasa's 34.5% stakeholder Altadis a 50% share in Retail Airport Finance, the company formed by Autogrill to table the offer. The European Commission is currently investigating the bid amid competition concerns.

Under the terms of Dufry Group's offer document, the Swiss retailer proposed to integrate part or all Dufry subsidiaries into Aldeasa, with the new company having its operational base in Spain. Dufry said that following a full economic, fiscal and legal analysis, it would pursue one of three alternatives for integration: Aldeasa would acquire all or part of Dufry's subsidiaries; Aldeasa would increase share capital that Dufry would get involved with by moving its subsidiaries; or a straight merger between the two companies.

Both Dufry and Gestion de Explotaciones Aeroportuarias, which was the first group to table its offer before its dismissal, may yet launch counter-bids if the Autogrill offer is approved.