Gaillon Pull Bid for Club Med After Bonomi Offer Made

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.

To contact Bloomberg News staff for this story: Liza Lin in Shanghai at llin15@bloomberg.net

To contact the editors responsible for this story: Stephanie Wong at swong139@bloomberg.net Daryl Loo, John Liu