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 Medís 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 Ä150 million more in the resort group than its current management is envisioning. † A Club Med spokeswoman couldn't immediately be reached for comment.
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