ITALY. Shares in Autogrill, the motorway and airport restaurant group, dropped by -1.32% yesterday on the back of news of its takeover bid for Spanish duty free retailer Aldeasa.
Shares in the firm fell as Milan’s all-share Mibtel index closed up +1.15% yesterday.
Autogrill tabled a €693 million (US$904 million) offer for Aldeasa on Friday. Its offer (€33 a share) includes the option to increase its price by +15%.
The GEA consortium and Dufry have already presented lower offers of €29 and €31 a share respectively.
CHRONOLOGY OF A TAKEOVER: HOW THE ALDEASA STORY HAS UNFOLDED TO DATE
Broker sells 1.8% of Aldeasa – 01/02/05
Aldeasa shares rise sharply on Autogrill bid – 31/01/05
Latest update: Aldeasa ownership in the balance as investors launch shock takeover bid – 13/12/04
Aldeasa takeover bid underlines private equity interest in upswinging market – 14/12/04
Dufry parent Advent eyes Aldeasa bid – Spanish newpaper quotes ‘Dufry sources’ – 19/01/05
Advent International confirms interest in Aldeasa – 19/01/05
Shares in Altadis and Aldeasa rise as interest intensifies in Aldeasa takeover saga – 20/01/05
Advent International bid for Aldeasa “˜Friday or Monday’ – Spanish report – 21/01/05
Aldeasa in talks with airport authority AENA to “review contracts” – 23/01/05
Is Autogrill the next bidder for Aldeasa? – 24/01/05
Stakes are raised in Aldeasa takeover as bidders jostle for position – 24/01/05
Dufry unveils €31 per share bid for Aldeasa; tops GEA offer – 24/01/05
Elior doubles stake in Dufry in latest bid twist – 25/01/05
AENA will tender Aldeasa shops, claims Cinco Días – 25/0105
Dufry offer “˜right valuation’ for Aldeasa, says Julian Diaz; Vista Capital to pull out? – 26/01/05
Autogrill still considering Aldeasa bid, “˜no decision’ taken by board – 26/01/05
Aldeasa and Autogrill shares suspended amid fresh bid speculation – 28/01/05
Autogrill confirms Aldeasa bid; tops Dufry offer – 28/01/05
Autogrill bid terms for Aldeasa make counter offer difficult – 29/01/05
