Italian Roadside services group Autogrill has taken its shareholding in Alpha Airports to more than 30% triggering a formal offer period for the in-flight caterer and airport retailer.
After building its shareholding to just less than 30% last week the suitor has received an undertaking for Alpha Airport's board of directors to purchase more.
However, following the purchase of 22,544,511 shares today Autogrill now has a shareholding in Alpha of approximately 43%.
The Italian roadside group has also entered into a non-binding agreement with Servair, which grants it exclusivity over the company's remaining 9.1% share holding in Alpha until 11 June.
Autogrill said a further announcement would be made in due course.
The company made an unsuccessful approach for Compass Group's SSP travel concession business, which went to private equity firm EQT.