SPAIN. The Spanish stock market regulator CNMV this evening suspended trading in Aldeasa shares as the market awaited the opening of the final sealed bids for the retailer, which were due in today by 17.45 Spanish time.
The sealed bids are the final roll of the dice for the two remaining players – the alliance between Italian catering-to-retail company Autogrill in partnership with Aldeasa’s lead shareholder Altadis, and Swiss travel retailer Dufry.
The Autogrill partnership had earlier tabled the highest bid of €33 a share and has the right to take the price to €37.95 a share before having to refer it back to Altadis. Speculation in the financial press at the weekend suggested Dufry may go as high as €40 a share but that was downplayed by sources close to the action today.
The CNMV is likely to announce the result of the sealed bids tomorrow.
Shares closed at a one-year high of € 36.15, up € 0.35 today on expectation of a raised bid.
MORE ON THE ALDEASA TAKEOVER STORY
D-Day for revised bids on Aldeasa; market rumours of €40 a share Dufry bid seem high – 21/03/05
