Aug. 14 (Bloomberg) -- Chinese and French-backed Gaillon Invest dropped its bid for holiday resort operator Club Mediterranee SA, paving the way for an investment by Italian tycoon Andrea Bonomi.
The investment vehicle of Ardian, formerly known as AXA Private Equity, and China’s Fosun Group, pulled out after French regulator Autorité des Marchés Financiers said a competing offer by Bonomi complied with market rules and may proceed, Gaillon said in an emailed statement.
Bonomi, who already owns about 10 percent of the Paris-based resort company, had made his offer via Global Resorts SAS, in which his private equity company Investindustrial has a 91 percent stake. Club Med’s board said on July 25 the Global Resorts offer was superior to Gaillon’s and recommended shareholders accept it.
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