Dufry withdraws Aldeasa bid

John Gallagher

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The group has officially pulled out of the race for Aldeasa after rival suitor Autogrill posted the highest bid

Dufry Group president Juan Carlos Torres has advised Spanish stock market regulator CNMV that the company is withdrawing its €31 ($41.33) per-share bid for Spanish travel retailer Aldeasa

In accordance with stock market regulations, any acceptances for the Dufry bid will declared null and void as of today's date. Dufry's bid was authorised by the market regulator on February 14 but was later trumped by the €33 ($44) per share bid from Autogrill subsidiary, Retail Airport Finance (RAF).

At the blind auction stage of the bidding process, RAF increased their bid to €36.57 ($48.76) per share while Dufry maintained its original bid advising that according to their business model it was a correct valuation.