Aldeasa shareholders await improved bids

John Gallagher

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The Spanish retailer's stakeholders have until April 14 to accept Autogrill's bid, but improved offers can be made before March 21

The Spanish stock market regulator CNMV has announced this morning that the €33 ($44) per share bid from Retail Airport Finance (RAF), a subsidiary of the Autogrill group, is open for acceptance by shareholders by April 14.

Retail Airport Finance, the Spanish controlled GEA Consortium and Swiss retailer Dufry Group are able to submit improved bids before March 21. In the case of any improved offer the CNMV would extend the closing date for the acceptance of any revised offer.

With the Aldeasa share price still trading between €33.40 ($44.53) and €33.50 ($44.66), the market is still betting on an improved offer from at least one of the parties. However some leading brokers are now recommending to their customers to sell in the market and avoid risk in case no improved offers are made.

The RAF bid prospectus published today explains the financial mechanisms that will lead to the company being controlled equally by the Benetton controlled Autogrill group and tobacco manufacturer Altadis. Altadis are not allowed by the Spanish regulator to accept the bid from RAF, but have agreed to acquire 50% of the company once the bid process has finished by transferring its 34.58% shareholding in Aldeasa to RAF. Autogrill and Altadis have agreed to ensure parity in shareholdings of the company: Altadis will sell shares back to Autogirll if its holding exceeds 50%, and has agreed not to sell their shareholding to third parties whilst the agreement remains in force. Both companies have agreed that the current bid can be increased by 15% without further meetings between the two parties.

The full prospectus can be viewed in Spanish on the CNMV website www.cnmv.es.