Offer Update

RNS Number:2553C
Autogrill SpA
16 August 2007

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION WHERE
TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION.

16 August  2007

RECOMMENDED MANDATORY CASH OFFER BY AUTOGRILL S.P.A ("AUTOGRILL") FOR THE ENTIRE
ISSUED AND TO BE ISSUED SHARE CAPITAL OF ALPHA AIRPORTS GROUP PLC ("ALPHA
AIRPORTS") NOT ALREADY OWNED BY AUTOGRILL.

                                  OFFER UPDATE

1.      Level of acceptances and offer update

On 4th June 2007, Autogrill and Alpha Airports announced the terms of a
recommended mandatory cash offer by Autogrill for all of the Alpha Airports
Shares not already owned by it (the "Offer").  The offer document setting out
the full terms of the Offer was posted to Alpha Airports Shareholders on 30 June
2007 (the "Offer Document"). On 24th July 2007 Autogrill announced that there
are no longer any circumstances in which the Offer may lapse.

As at 3.00 p.m. (London time) on 15 August 2007, Autogrill owned or had received
valid acceptances in respect of a total of 178,092,742 Alpha Airports Shares
representing approximately 97.8 per cent. of Alpha Airports' issued share
capital.

The Offer will remain open for acceptance until the later of 14 days from the
date hereof and the date the compulsory acquisition notices (as referred to in
Section 3 hereof) are dispatched and Alpha Airports Shareholders who have not
yet accepted the Offer are urged to accept the Offer as soon as possible.

Alpha Airports Shareholders holding Alpha Airports Shares in certificated form
who wish to accept the Offer but who have not done so should complete, sign and
return the Form of Acceptance and their share certificates (in accordance with
the procedure set out in Part B of Appendix I to the Offer Document) as soon as
possible to Lloyds TSB Registrars at Princess House, 1 Suffolk Lane, London EC4R
0AX.

Alpha Airports Shareholders holding Alpha Airports Shares in uncertificated form
(that is, in CREST), who wish to accept the Offer but who have not done so
should accept the Offer by TTE Instructions (in accordance with the procedure
set out in Part C of Appendix I to the Offer Document) as soon as possible. If
you hold Alpha Airports Shares as a CREST sponsored member, you should refer to
your CREST sponsor as only your CREST sponsor will be able to send the necessary
TTE instruction to CREST.

Copies of the Offer Document and the Form of Acceptance are available for
inspection (during normal business hours on any Business Day) at the offices of
Bryan Cave, 33 Cannon Street, London EC4M 5TE throughout the period during which
the Offer remains open for acceptance. The Offer Document is also available on
Autogrill's website and on Alpha Airports' website.

Alpha Airports Shareholders who have any questions in relation to how they may
accept the Offer are requested to contact Lloyds TSB Registrars' on 0870 240
7967 (or [phone] if calling from outside the UK) between 9.00 a.m. and
5.00 p.m. (London time) on any Business Day.  Additional Forms of Acceptance are
available from Lloyds TSB Registrars at the address set out above.

2.      Notice of the anticipated date of cancellation of the listing

As Autogrill has, by virtue of its shareholding and acceptances of the Offer,
acquired or agreed to acquire shares carrying 75 per cent. or more of the voting
rights of Alpha Airports, Autogrill will now take steps to procure the making of
applications by Alpha Airports for the de-listing of Alpha Airports Shares from
the Official List and for the cancellation of admission to trading of the Alpha
Airports Shares on the London Stock Exchange's market for listed securities, as
Autogrill stated in the Offer Document.  Alpha Airports  Shareholders are hereby
notified that, as the required threshold has been attained, the notice period
for the de-listing and cancellation of admission to trading of the Alpha
Airports Shares has commenced and it is expected that such de-listing and
cancellation of admission to trading will take effect on 17 September 2007 (or
as soon thereafter as is practicable).

Alpha Airports Shareholders who have not yet accepted the Offer should note that
upon such de-listing and cancellation of admission to trading taking effect, the
liquidity and marketability of any Alpha Airports Shares in respect of which the
Offer has not been accepted at that time is expected to be significantly
reduced.

3.      Compulsory Acquisition

Since valid acceptances have been received in respect of more than 90 per cent.
in value, and more than 90 per cent. of the voting rights, of the Alpha Airports
Shares to which the Offer relates, Autogrill is entitled to exercise its rights
pursuant to sections 974 to 991 (inclusive) of the Companies Act 2006 to acquire
compulsorily all of the outstanding Alpha Airports  Shares in respect of which
valid acceptances have not yet been received. Accordingly, compulsory
acquisition notices ("Notices") pursuant to section 979 of the Act in exercise
of such rights will shortly be dispatched to the holders of Alpha Airports
Shares who have not yet accepted the Offer. The transfer of the compulsorily
acquired Alpha Airports Shares from the non-assenting Alpha Airports
Shareholders is expected to take place approximately six weeks after the service
of the Notices.

4.      Other

The Offer will close for acceptance on the later of 14 days from the date hereof
and the date the compulsory acquisition notices (as referred to in Section 3
hereof) are dispatched and Alpha Airports Shareholders who have not yet accepted
the Offer are urged to accept the Offer as soon as possible.

Any capitalised terms used but not defined in this announcement are as defined
in the Offer Document.

Autogrill

Patrizia Rutigliano (Director of Group Communication)
     Tel: [phone]

Elisabetta Cugnasca (Investor Relations Manager)
       Tel: [phone]



UBS Investment Bank (Financial adviser to Autogrill)

Pierpaolo di Stefano
                        Tel: [phone]

Mario Fera




The directors of Autogrill accept responsibility for the information contained
in this announcement. To the best of the knowledge and belief of the Directors
of Autogrill, who have taken all reasonable care to ensure that such is the
case, the information contained in this announcement for which they are
responsible is in accordance with the facts and does not omit anything likely to
affect the import of such information.

UBS, which is authorised and regulated in the United Kingdom by the Financial
Services Authority, is acting exclusively for Autogrill and no one else in
connection with the Offer and will not be responsible to anyone other than
Autogrill for providing the protections afforded to its customers or for
providing advice in relation to the Offer, the contents of this announcement or
any transaction or arrangement referred to herein.

This announcement is not intended to and does not constitute, or form any part
of, any offer to sell or any solicitation of any offer to purchase or subscribe
for any securities or the solicitation of any vote or approval in any
jurisdiction.  Any acceptance or other response to the Offer should be made only
on the basis of the information contained in the Offer Document and, in the case
of holders of Alpha Airports Shares in certificated form, the Form of
Acceptance.  The laws of relevant jurisdictions may affect the availability of
the Offer to persons not resident in the United Kingdom.  Persons who are not
resident in the United Kingdom, or who are subject to the laws of any
jurisdiction other than the United Kingdom, should inform themselves about and
observe any applicable legal or regulatory requirements of their jurisdiction.

The Offer is not being and will not be made, directly or indirectly, in or into,
or by use of the mails of, or by any means or instrumentality (including,
without limitation, by means of telephone, facsimile, telex, the internet or
other forms of electronic communication) of interstate or foreign commerce of,
or any facilities of a securities exchange of, any Restricted Jurisdiction if to
do so would constitute a violation of the relevant laws of such jurisdiction,
and the Offer will not be capable of acceptance by any such use, means,
instrumentality or facility or from or within any Restricted Jurisdiction.
Accordingly, copies of this announcement, the Offer Document, the Form of
Acceptance and any other related documents are not being, and must not be,
directly or indirectly, mailed or otherwise distributed or sent in or into any
such Restricted Jurisdiction and persons receiving such documents (including
custodians, nominees and trustees) must not distribute or send them in, into or
from such jurisdiction as doing so may make invalid any purported acceptance of
the Offer by persons in any such jurisdiction. Notwithstanding the foregoing,
Autogrill retains the right to permit the Offer to be made and/or accepted, and
any sale of securities pursuant to the Offer to be completed if, at its sole
discretion, it is satisfied that the transaction in question can be undertaken
in compliance with applicable law and regulation.

The Offer is made in the United States pursuant to an exemption from the US
tender offer rules provided under Rule 14d-1(c) of the US Exchange Act.

Autogrill or members of the Autogrill Group may purchase Alpha Airports Shares
otherwise than under the Offer, such as in open market or privately negotiated
purchases. Such purchases shall comply with the applicable laws of the UK as
well as the Disclosure and Transparency Rules and the City Code.








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