The listed, French holiday resorts operator Club Mediterranee is likely to receive a counteroffer of EUR 23 per share from Investindustrial and private equity fund KKR, Italian-language daily Il Messaggero reported.
The unsourced article noted that Investindustrial will make the bid via its Global Resorts vehicle in the next few hours.
The counteroffer will be made against Fosun, which has already launched a EUR 22 per share public offer via its Gallion II vehicle. Investindustrial has until 13 November to counter the current bid made by Fosun for Club Med, the item noted.
Investindustrial was able to go ahead with the offer after reaching an agreement Unicredit and Intesa Sanpaolo, which are financing the operation. The item added that Investindustrial is being advised by Lazard and Cleary Gottlieb.
Investindustrial is controlled by Andrea Bonomi, the report added.
Club Med has a market cap of EUR 837m.
Source Il Messaggero