Club Med board recommends shareholders back Bonomi's offer

PARIS Fri Jul 25, 2014 1:34pm EDT

A logo is seen on a Club Med travel agency in Neuilly-sur-Seine, July 24, 2014.  REUTERS/Benoit Tessier

A logo is seen on a Club Med travel agency in Neuilly-sur-Seine, July 24, 2014.

Credit: Reuters/Benoit Tessier

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PARIS (Reuters) - Club Mediterranee (CMIP.PA) said on Friday its board of directors had decided to recommend that shareholders back a 790 million euro takeover offer for the holidays group from Italian financier and top shareholder Andrea Bonomi.

"The board unanimously considers that the offer is in keeping with shareholders' ... interests and recommends those who are looking to receive cash immediately to offer their shares," the board said in a statement.

However, the board added that in light of "contradicting" statements published in the press, the board could not "unreservedly" confirm that the offer is in the company's interest.

(Reporting by Michel Rose; editing by Leigh Thomas)

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