Italy’s Bonomi raises offer for Fosun target Club Med
Andrea Bonomi has raised the stakes in the battle for Club Méditerranée (Club Med), increasing his offer for the vacation resort operator just days after a consortium led by China’s Fosun International submitted an improved bid.
Global Resources, which is controlled by Italian businessman Bonomi's Investindustrial, is willing to pay EUR24 per share for Club Med, valuing the company at EUR915 million ($1.13 billion). The Fosun consortium's most recent bid is for EUR23.50 per share.
Investindustrial plans to privatize Club Med and invest in expanding the company's customer base and geographic footprint. The Fosun consortium, which would maintain Club Med's listing, favors a more upmarket approach.
Bonomi - who owns 18.9% of Club Med through Investindustrial - told a press conference in Paris that KKR joined his consortium in November and may hold 20-40% of Global Resources, if the bid is successful.
The Fosun consortium has an 18.4% interest in Club Med, with Fosun having originally invested in the company in 2010. It launched a takeover bid with Ardian - former Axa Private Equity - in May 2013 and won board support, but the deal was delayed following complaints that the proposed acquisition price of EUR17.50 per share was too low.
Fosun and Ardian withdrew their bid in August, after French regulators approved a rival offer from Investindustrial, but re-entered the fray the following month. By this point, Chinese GP JD Capital, Hong Kong Utour International Travel Services and Fidelidade, a Portuguese insurer majority-owned by Fosun, had joined the consortium.
Shares in Club Med have risen by about 75% since the original takeover bid was submitted. They closed up nearly 2.2% at EUR24.32 on December 5.
More on Buyouts
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.