|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.
Club Mediterranee S.A. CU (France: Paris):