* Investindustrial has until June 30 to make Club Med bid -
* Closing date for current offer for Club Med extended - AMF
* Gaillon Invest has ruled out making higher bid for Club
(recasts with AMF deadline statement, closing shares)
PARIS, May 27 France's financial regulator has
given Investindustrial Development, a fund led by Italian
businessman Andrea Bonomi, until the end of June to launch a
counter-bid for Club Mediterranee.
It also extended again, until an unspecified date, the
deadline for Club Med shareholders to decide whether to accept a
long-delayed 557 million euro ($758 million) offer by Chinese
conglomerate Fosun and French private equity firm
Ardian. The deadline had already previously been extended until
Should Investindustrial choose not to submit a bid for Club
Med by 1600 GMT on June 30, it would be barred from making an
offer for a period of six months, the regulator - the AMF - said
on its website on Tuesday.
Funds led by Bonomi said on Monday they could make a
counter-bid for Club Med, saying they would first need access to
the French holiday group's books before making a decision.
Gaillon Invest, the investment vehicle behind the
Ardian-Fosun bid, said earlier on Tuesday it did not plan to
raise its takeover offer for Club Med despite a possible higher
"Gaillon Invest has no intention of raising its offer above
the 17.50 euro price, which represents a good price given what
they know about the company and the market," a Gaillon
The AMF had asked for clarity on the funds' intentions
towards Club Med after one of them, Strategic Holdings, became
Club Med's top shareholder with a stake of more than 10 percent
earlier this month.
Shares in the holiday group were still trading above the
existing offer price on Tuesday, closing near a fresh five-year
high of 19.60 euros.
($1 = 0.7345 Euros)
(Reporting by Cyril Altmeyer; Writing by Dominique Vidalon;
Editing by James Regan and Pravin Char)