| PARIS, July 1
PARIS, July 1 Shares in Club Mediterranee
rose 10 percent on Tuesday after a new takeover offer
by top shareholder Andrea Bonomi fueled hopes of a bidding war
for control of the French resort operator.
Investindustrial, the private equity fund led by the Italian
tycoon, offered 21 euros per share for the 64-year-old
all-inclusive holiday pioneer on Monday.
The deal is at a 22 percent premium to an existing year-old
17.50 euro-a-share joint offer by French private equity firm
Ardian and Chinese conglomerate Fosun International.
Cub Med shares, which were suspended ahead of Monday's
announcement and resumed trading at 1000 GMT on Tuesday, were up
9.9 percent at 21.45 euros by 1221 GMT. The stock is up 20
percent from three months ago.
Exane BNP Paribas analysts said in a note that a counter-bid
by the Ardian-Fosun alliance was "rather likely", although they
"struggled to imagine a valuation above 21 euros".
The investment bank advised shareholders to tender their
Club Med shares "at the last moment at the final best bidder".
Kepler Cheuvreux analysts said in a note that investors
should "accept the (Bonomi) offer, but a potential counter bid
should not be set aside", adding that it would depend on the
"strategic appeal given to the group by Fosun".
The AMF French stock market regulator has yet to provide a
closing date for the two competing offers.
Gaillon Invest, the investment vehicle of the Ardian-Fosun
alliance, which has so far refused to raise its 17.50 euro
offer, said on Monday: "We will study the project and its
(Editing by James Regan)