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Ardian-backed buyout of Club Med in doubt after Bonomi raises stake

13 May 2014

light_dark_depth_sea_170sqAndrea Bonomi’s investment fund Strategies Holdings has increased its stake in Club Med in a move that could jeopardise the French holiday company’s takeover by a private equity-backed consortium.

Strategic Holdings has bought a 7.2 per cent stake in Club Med and said that it will continue to acquire shares in the company.

The fund also said that it will not support the offer from private equity firm Ardian and Chinese conglomerate Fosun.

Club Mediterranee’s board accepted a sweetened bid of €17.50 per share from Ardian, which was then known as Axa, and Fosun in June last year, up from the previous offer of €17 per share.

The firms were expected to hold stakes of 46 per cent each. They said they would look to accelerate Club Med’s development strategy in emerging markets and strengthen its position in mature markets such as Europe.

The offer was challenged by Charity & Investment Merger Arbitrage Fund, which acquired a one per cent stake in May 2013 when the bid was announced.

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