Italian investor Andrea Bonomi’s Global Resorts said it won’t raise its bid for Club Mediterranee SA, ending its competition with Fosun International Ltd. for control of the French resort company.

Global Resorts will withdraw its offer and sell its Club Med shares, either to Fosun or on the market, Bonomi’s investment group said today in an e-mailed statement.

Fosun, controlled by Chinese billionaire Guo Guangchang, raised its offer on Dec. 19 to 24.60 euros a share, valuing Club Med at 939 million euros ($1.13 billion) and topping Bonomi’s bid of 24 euros a share. Shares of Paris-based Club Med slipped 1 cent today to close at 25.09 euros.

Global Resorts concluded it could no longer justify a higher bid, Bonomi said in the statement. “Global Resorts is satisfied that a higher valuation was achieved for minority shareholders,” he said.

To contact the reporter on this story: Jim Silver in New York at jsilver@bloomberg.net. To contact the editors responsible for this story: Andrea Snyder at asnyder5@bloomberg.net.

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Photo Credit: Advertising campaign for Club Med. Club Med