Bidding war hots up again for Club Med
The stakes have been raised again in the tit-for-tat bidding war for control of French resort operator Club Med.
A consortium led by Shanghai based Fosun International has raised its offer to US$29.30 a share, valuing the company at about US$1.12 billion.
This represents a 2.2% increase on rival Global Resorts’ current offer.
Under French law, any new bid must be at least 2% higher than an existing offer.
Both companies have been trying to outdo each other for several months as both bidders look to use Club Med as a platform to expand in the fast growing China market.
The current Club Med management itself is banking on the Far East to counter weak demand in Europe and recently opened its third resort in Dongao Island, in the South China Sea.
Jiannong Qian, managing director of Fosun, said the increased offer was "a very high price, but Fosun and its co-investors’ long-term strategy and investment horizon make it possible."
"It is no ego-driven decision," he added.
As the new offer was announced, it was reported that Brazilian tourism industry investor Nelson Tanure has joined the Fosun backed consortium and will take a 20% stake.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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