Reuters logo
Club Med offer deadline depends on whether Bonomi counterbids -AMF
June 2, 2014 / 2:00 PM / 3 years ago

Club Med offer deadline depends on whether Bonomi counterbids -AMF

PARIS, June 2 (Reuters) - France’s financial regulator said it would not set a closing date for an offer for Club Mediterranee from a French private equity firm and Chinese conglomerate until Italian businessman Andrea Bonomi decides whether to counterbid.

The AMF last week gave Bonomi-led fund Investindustrial Development until the end of June to make a rival bid for the French holiday company.

It extended the existing 557 million euro ($760 million) offer from France’s Ardian and China’s Fosun to an unspecified date.

Should Investindustrial choose not to enter the race for Club Med by 1600 GMT on June 30, it will be barred from making an offer for a period of six months under AMF rules.

“As we don’t yet know if there will be a second offer, it is difficult to fix the deadline (for the Fosun-Ardian bid),” AMF Chairman Gerard Rameix told a news conference on Monday.

“That’s why we have extended (it) and why we could extend it again if necessary.”

The AMF had asked for clarity on Bonomi’s intentions towards Club Med after one of his funds, Strategic Holdings, became the company’s top shareholder last month with a stake of more than 10 percent.

Shares in the holiday group touched a fresh 5 1/2-year high of 19.75 euros on Monday, above the existing offer price of 17.50 euros a share. ($1 = 0.7328 Euros) (Reporting by Matthieu Protard; editing by Jane Baird)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below