MILAN (Reuters) – Global Resorts, the investment vehicle of the Italian businessman Andrea Bonomi, has decided not to raise its bid for Club Méditerranée and thus to abandon a long and fierce takeover battle in favor of China Fosun. The Chinese billionaire Guo Guangchang had further improved its offer of leisure group on 19 December. Gaillon Invest II, the investment vehicle of Fosun (property Guo Guangchang), offers to buy the Club to 24.60 euros per share instead of 24.00 euros that were offered by Andrea Bonomi. “The current scenario and valuation levels do not warrant further study of a potential investment in Club Med,” says Andrea Bonomi in a statement on Friday, before the deadline of 7 January fixed by the Authority financiers (AMF) for a possible bidding war. The range of values the French company Fosun 939 million. This is the eighth offer submitted at Club Med since May 2013, making this the longest battle of the French stock market history. The first offer made by the Chinese group was 17 euros per share. Action Club Med finished at 25.09 euros on Friday. At current prices, the ratio of enterprise value to EBITDA Club operating spring to 15.2 times estimated results from 2014 to 2015 against an average of 13 times for the industry. Global Resorts says in a statement that the shares held by Club Med will be sold as part of the offer of Gaillon Invest II, or sold on the market. No one was immediately available at Club Med to comment on the announcement of the withdrawal of Global Resorts. Guo Guangchang and Bonomi were delivered since the spring battle that plunged the troubled entertainment group in a bad atmosphere. More …
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