CNMV approves higher Autogrill bid

John Gallagher

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The Spanish bourse regulator clears the company's €36.57 per-share bid for Aldeasa

The Spanish stock market regulator CNMV has authorised Autogrill subsidiary Retail Airport Finance's (RAF) improved bid for Spanish travel retailer Aldeasa. The company requested permission to increase its bid from €33 ($44) per share to €36.57 ($48.76) per share on Monday, just before the deadline for improved bids.

CNMV confirmed that the changed bid does not alter the bid timetable. The closing date for acceptance by Aldeasa shareholders remains April 14. Aldeasa's board are expected to meet on Monday (March 28) to officially approve the revised offer.

According to financial daily Cinco Dias, unnamed sources close to Spanish airport authority AENA claimed that first contact had been made between Autogrill and Altadis—which will be joint shareholders in RAF if it is successful—and the authority to reduce tensions that emerged in the bidding war. According to the paper, AENA has still to accept Aldeasa's liquidation of the canon for 2003 and 2004.