Andrea Bonomi trumps Ardian-backed bid for Club Med

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eurroItalian tycoon Andrea Bonomi has made an offer for French holiday company Club Med, topping a bid submitted by private equity firm Ardian and Chinese conglomerate Fosun.

Bonomi’s private equity fund Investindustrial has offered €21 per share and €21.41 per convertible bond, valuing the group at €790m.

The offer is substantially larger than the €17.50 bid from Fosun and Ardian.

Investindustrial said that it planned to launch six new holiday villages and add 5,000 beds.

Regulators recently told Bonomi that he would be barred from making an offer for Club Med for six months if he failed to clarify his intentions before the end of June.

 

Last week Fosun chairman Guo Guangchang said its €557m bid was the best possible offer for Club Med and the Chinese group was not interested in partnering with any other party besides Ardian.

He said that changing partners was “out of question” and Fosun’s support will help the company expand in China.

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