PARIS: Guo Guangchang, Chinese billionaire sweetened his bid for struggling Club Mediterranee on Friday, trumping 24 euro per share offer from Italian tycoon Andrea Bonomi in France’s longest running takeover battle.
The new 24.60 euro offer valued the holiday operator at 939 million euros ($1.15 billion). It is the eighth offer Club Med investors have been asked to evaluate since May 2013 when Guo first offered 17 euros.
Further this new offer will give Club Med an opportunity to grow in its domestic market and in foreign markets where it must develop today, Jiannong Qian, head of Guo’s Gaillon Invest II vehicle.
France’s AMF regulator set a new deadline Jan. 7 for Bonomi’s Global Resorts vehicle to make another counterbid. Global Resorts said on Friday it was reviewing all its options.
