Ardian-Fosun to withdraw Club Med offer-Reuters

(Reuters) – French private equity firm Ardian and Chinese conglomerate Fosun International said on Thursday they would withdraw their offer for resort operator Club Mediterranee after the French regulator gave the go-ahead for a rival bid.

Gaillon Invest, the investment vehicle of the Ardian-Fosun alliance, said in a statement it would ask the AMF stock market regulator to withdraw the offer.

The AMF said on Wednesday that Italian businessman Andrea Bonomi’s offer for Club Med was in line with market rules. Global Resorts, a company controlled by Bonomi, is offering 21 euros a share for Club Med – a price that values the target at 790 million euros (1.06 billion US dollar), above Gaillon’s year-old offer of 557 million.

Do you want exclusive news and analysis about private equity deals, fundraising, top-quartile managers and more? Get your FREE trial to Buyouts! Or subscribe now!

Sign up to our Newsletter

Receive updates from our PE HUB Wire and Top Stories of the Week newsletters:

We will not send you spam, and we don't share your email address with 3rd parties.