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French regulators extend deadline for Club Med bid

23 May 2014

light_dark_depth_sea_170sqThe closing date for the buyout of French holiday business Club Med by private equity firm Ardian and Chinese conglomerate Fosun has been extended to June 6.

French regulators also asked Andrea Bonomi’s investment fund Strategic Holdings, which currently holds a stake of over ten per cent and has opposed the takeover, to clarify its intentions by May 26.

Earlier this month Bonomi bought a 7.2 per cent stake in Club Med and said it would continue buying 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.

Charity & Investment Merger Arbitrage Fund also opposed the bid after acquiring a one per cent interest in Club Med.

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