August 13, 2014 / 10:17 AM / in 4 years

French regulator gives go-ahead for Italian Club Med offer

PARIS (Reuters) - France’s AMF financial markets regulator said on Wednesday that Italian businessman Andrea Bonomi’s offer for French holiday group Club Mediterrannee was in line with market rules and that it would be publishing a bid timetable later.

Global Resorts, a company controlled by Bonomi, is offering 21 euros ($28) a share for Club Med - a price that values the target at 790 million euros ($1.05 billion).

That rivals a year-old offer of 557 million euros by China’s Fosun International and French private equity group Ardian, a bid that has become mired in legal challenges.

Reporting by Matthieu Protard; Writing by Brian Love

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