Club Med Contest Takes New Turn With $1.1 Billion Bonomi Bid
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An 18-month takeover tussle for French resort company Club Mediterranee SA took a new turn as funds associated with Italian investor Andrea Bonomi sweetened their bid just three days after the latest rival proposal.
The offer of 24 euros a share from Global Resorts SAS trumps the prior bid from Chinese billionaire Guo Guangchang’s Fosun International Ltd by 50 cents and values Club Med at 915 million euros ($1.1 billion), including a 25.35-euro offer for each convertible bond, Bonomi said at a press briefing.