Club Med shareholder Ardian set to accept Bonomi offer; Intesa Sanpaolo and Unicredit providing EUR 240m debt financing for Bonomi bid
Ardian, a partner in an abandoned bid for Club Mediterranee and a shareholder in the listed French holiday company, is set to accept rival bidder Andrea Bonomi’s takeover offer, the Financial Times reported. The newspaper cited one person close to the situation for the claim.
Ardian, a French buyout group and Fosun, a Hong Kong-based conglomerate, had jointly submitted an EUR 17.50 (USD 23.42) per share bid for Club Med but withdrew their offer on Thursday, 14 August. Ardian and Fosun each hold stakes of more than 9% in Club Med.
Should Ardian accept Bonomi’s EUR 21 per share bid, its bid partner Fosun would have little time to arrange funding for a fresh bid for Club Med, the item continued. Fosun would need to find another bid partner, the article said, adding that a French partner would very likely be needed due to political considerations regarding foreign ownership of Club Med.
The Italian banks Intesa and Unicredit are providing debt financing of about EUR 240m for Bonomi’s offer, the report said. EUR 550m of the bid is to be funded with equity, according to the newspaper.
The item noted that Bonomi’s Investindustrial buyout fund has enlisted the Brazilian investment firm GP Investments and the South African businessman Sol Kerzner as partners on his bid for Club Med, which values the holiday company at EUR 790m.
Source Financial Times