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The 18-month takeover tussle for French resort company Club Mediterranee SA took a new turn as funds associated with Italian investor Andrea Bonomi lifted their bid to 24 euros a share.
The offer from Global Resorts SAS comes three days after Fosun International Ltd, controlled by Chinese billionaire Guo Guangchang, sweetened its proposal by 50 cents to 23.50 euros, hours before a deadline set by the French market regulator.
Including an offer of 25.35 euros for each convertible bond, the latest bid values Club Med at 915 million euros ($1.13 billion) and will return the company “to its rightful place in the world of tourism,” Bonomi said at a press briefing.
Fosun’s approach, which includes Club Med Chief Executive Officer Henri Giscard d’Estaing, began in May 2013 at 17 euros a share, lifted to 17.50 euros six weeks later. The offer was held up by legal issues, and on June 30 this year, Global Resorts offered 21 euros per share. Fosun came back Sept. 12 with a 22- euro offer, which Bonomi topped by 1 euro on Nov. 12, bringing on board co-investors including KKR & Co.
The Italian’s bid group also includes amusement-park owner Sol Kerzner, management of amusement park operator PortAventura and private-equity company GP Investments.
To contact the reporters on this story: Richard Weiss in Frankfurt at firstname.lastname@example.org; Gregory Viscusi in Paris at email@example.com. To contact the editors responsible for this story: Benedikt Kammel at firstname.lastname@example.org.