(Reuters) – Italian tycoon Andrea Bonomi is gearing up to make a counter offer to buy Club Mediterranee (CMIP.PA), reigniting a battle for control of the French resort operator, La Lettre de L’Expansion reported on Sunday.
The new offer would be made with backing from U.S. private equity firm KKR & Co LP (KKR.N), the weekly economic newsletter said on its website without citing sources.
Bonomi, which declined to comment on the report, has been competing with China’s Fosun International (0656.HK) to buy Club Med. The conglomerate has made a 22 euros-per-share offer, which is due to close on Nov. 20.
Club Med shares have been trading slightly above 22 euros since Fosun made its offer on Sept. 12, gaining 5.4 percent while the broader SBF 120 index has lost 4.5 percent since that time.
Club Med stock is up 27.54 percent since the start of the year.