April 9, 2014 / 1:21 PM / in 4 years

RPT-Ardian, Fosun won't raise Club Med offer, Ardian says

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By Matthieu Protard

PARIS, April 9 (Reuters) - French private equity fund Ardian and Chinese group Fosun will not increase their bid for Club Mediterranee again even though the holiday operator’s stock price is trading above their 17.5 euro per share offer price, according to Ardian managing partner Dominique Gaillard.

“For a few days now we have seen Club Med shares above the price we have offered,” Gaillard told Reuters on Wednesday. “There is nothing in the information we have available to us that would push us, Fosun and us, to increase the price we proposed 11 months ago.”

The pair made a 17 euro per share offer in May last year and later raised it to 17.5 euros, valuing Club Med at about 558 million euros ($770 million), but the takeover has been in limbo since because of legal challenges by minority shareholders.

The Paris appeal court is due to rule on April 29 on the challenges, brought by the Association for the Defence of Minority Shareholders and by the investment fund CIAM.

On Wednesday, the Club Med share price stood at 18.52 euros. ($1 = 0.7249 Euros) (Writing by Andrew Callus; Editing by James Regan)

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