(Boursier.com) – Global Resorts waives outbid Club Méditerranée … The investment vehicle of the Italian businessman Andrea Bonomi throws in the towel in deciding not to make a new offer Club Med. This decision puts an end to the fierce market battle waged for nearly a year and a half battle which ended in favor of the Chinese billionaire Guo Guangchang on a nearby valuation of 1 billion euros for the holiday village group.
unjustified increment
Gaillon II, the investment vehicle of Chinese Fosun, made December 19 a redemption proposal of Club Med to 24.6 euros per share, while the Italian Andrea Bonomi sticks to 24 euros. Thus, the supply of Fosun values of € 939 million the French leisure group. “The current scenario and valuation levels do not warrant further study of a potential investment in Club Med,” said Andrea Bonomi. It leaves the field open to the interests of the Chinese group Fosun …
Discrete Output Bonomi
The 8th Gaillon II proposal is good for this market battle waged in May 2013. The Financial Markets Authority (AMF) had set the date of January 7, for a limited-offer against Andrea Bonomi. Global Resorts said the Club Med shares held in the lap of the Italian clan will be tendered Gaillon II or sold on the market. Friday market closing action Club Med has completed a course of 25.09 euros or just over 4% above the final offer of Fosun.
Financial Battle .. .
Opened July 17, 2013, the initial bid for Club Med was launched by Fosun in combination with funds Axa Private Equity at 17.5 euros. After suspension of the offensive by the AMF and several legal proceedings conducted, Andrea Bonomi launched against a first-offensive in late June 2014. The offer made at 21 euros obtained last July 25 downstream of Board of Club Med, then mid-August the AMF. In mid-September, the conglomerate Fosun had then taken the hand with an offer raised to 22 euros per share. Against the advice of the Works Council, the Board of Directors of the Club Med had supported Fosun. The offer of Fosun was then countered by November 11 Gobal Resort outbid at 23 euros, itself covered by 1 December a new offer of Fosun to 23.5 euros. The response of the Italian Bonomi had not dragged … Since December 5th, Global Resorts had set its price at 24 euros per share. On 19 December, Fosun relaunched hostilities to 24.6 euros, price ultimately offer the best bid.
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