Club Med faces an aggressive take-over bid, potentially derailing an earlier agreement. Friday, 11th July 2014 Source : External sources
Andrea Bonomi, senior partner of Investindustrial launched a hostile offer for Club Med earlier this week, threatening a deal from the previous year in which the company would be acquired by French and Chinese investors.
Mr. Bonomi's Investindustrial fund will make a decision on whether it will seek to take over Club Med after reviewing its books for five weeks and securing the support of Club Med's board, it said in a written statement.
The holding company Strategic Holdings, which already owns an 11% stake in Club Med, said separately it might join a tender offer launched by the private-equity fund.
He outlined a strategy of investing more aggressively to take advantage of tourism growth in Europe and Latin America and stated: 'Club Med’s current management plan is focused more on Asia than is healthy, because no enterprise should bet its whole future on China, on one country.'
He also proposed investing €150 million more in the resort group than its current management is envisioning.
A Club Med spokeswoman couldn't immediately be reached for comment.
~ Important Notice ~ Articles appearing on 4Hoteliers contain copyright material. They are meant for your personal use and may not be reproduced or redistributed. While 4Hoteliers makes every effort to ensure accuracy, we can not be held responsible for the content nor the views expressed, which may not necessarily be those of either the original author or 4Hoteliers or its agents.