(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.
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