* Club Med extends mandate of financial advisor Rothschild
* Bonomi offering 21 euros/share vs Gaillon's 17.50 euros
* Bonomi offer to run Aug. 7-Sept. 11 - indicative calendar
* Club Med shares close at 21.45 euros, up 9.9 pct (Adds board statement, closing share price)
By Dominique Vidalon
PARIS, July 1 French resort operator Club Mediterranee said on Tuesday its board will review the latest takeover offer from top shareholder Andrea Bonomi and has extended the mandate of financial advisor Rothschild & Cie.
Club Med is already being courted by French private equity firm Ardian and Chinese conglomerate Fosun International , which have made a 557 million euros offer.
The new takeover offer, which values Club Med at 790 million euros ($1.1 billion), has fueled hopes of a bidding war for control of the 64-year-old all-inclusive holiday pioneer, lifting shares in Club Med by 10 percent on Tuesday.
"The board of directors will examine Global Resorts SAS's tender offer ... and will give its view, in particular, on the interest of the offer and its consequences for the company, its shareholders and employees," Club Med said in a statement.
No decision is expected in the next two weeks, it added.
Investindustrial, a private equity fund led by the Italian tycoon Bonomi that owns 90 percent of Global Resorts, offered 21 euros per share for Club Med on Monday.
The deal is at a 22 percent premium to an existing year-old 17.50 euro-a-share joint offer by the Franc-Chinese alliance.
Bonomi on Monday outlined a strategy of investing more aggressively to take advantage of tourism growth in Europe - notably in France - and Latin America, adding six new holiday villages. He confirmed Club Med's current focus on China but said the future of Club Med was not solely with that country.
Cub Med shares closed up 9.9 percent at 21.45 euros on Tuesday. 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".
Gaillon Invest, the investment vehicle of the Ardian-Fosun alliance that has so far refused to raise its 17.50 euro offer, said on Monday: "We will study the project and its terms."
Under an indicative calendar provided by Bonomi to French AMF stock market regulator, his offer would start on Aug. 7 and run until Sept. 11.
AMF has yet to provide a final calendar for Bonomi and Gaillon's offers. (Editing by James Regan and Tom Heneghan)