Italian tycoon Andrea Bonomi has challenged a regulators decision to bar him from bidding for French holiday company Club Med if he doesn’t clarify his intentions before the end of the month.
Bonomi has filed the challenge in Paris and the court is expected to make a decision on July 2, a source close to the matter told Reuters.
The decision came after a fund controlled by Bonomi, Strategic Holdings, raised its stake in the company to 11 per cent.
Club Med previously accepted a sweetened bid of €17.50 per share from Ardian, which was then known as Axa, and Fosun in June last year.
Bonomi opposed the deal, which would see the two firms take stakes of 46 per cent each.
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.
In April this year one of Club Med’s suitors Ardian closed its largest fund of funds vehicle on $10bn.
Ardian’s previous fund of funds was closed with commitments of $8bn in 2012.
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