Advent launches counterbid for Aldeasa

Advent has launched a counterbid for the airport duty-free shops operator Aldeasa SA through Dufry, its Swiss-based duty free retailer. Advent has made an offer of €31 per share, which values the company at €651m and follows the rejection of a €29 bid put forward by Gestión de Explotaciones Aerportuarios (GEA), the consortium of Mercapital, Omega Capital and Corporación Financiera Alba. Advent's offer is dependent upon the acquisition of a 50.01% stake, significantly less than GEA's offer, which required 80% of the company's stockholders to tender their shares. It also means that the takeover can go ahead without the agreement of of the French-Spanish tobacco firm, Altaldis, which holds approximately 35% of the capital. Advent's offer was made despite the decision of AENA (Aeropuertos Españoles y Navegación Aerea) to change the conditions of the sale in order to try and prevent counterbids. The shareholders of Aldeasa now have one month to make a decision.

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• Topics
• Southern Europe
• Consumer