Club Med takes note of improved offers
The Board of Club Méditerranée took note of the improvement made on 1 December 2014 by Gaillon Invest II and Fidelidade for their offer on the shares and the OCEANEs in Club Méditerranée. In this regard, it recalls it has positively welcomed the offer from Gaillon Invest II and Fidelidade at its 6 October 2014 meeting, unanimously judging that this offer was the highest offer in the interests of the Company, its employees and its shareholders.
It reminds that the offer from Gaillon Invest II and Fidelidade would join Club Méditerranée with a long-term shareholder that supports the Company's strategy and provides development projects in China (world tourism market) and Latin America, justifying the valuation levels included in the offer.
In addition, the Board remains concerned about the consequences of improved bids given the performance requirements they entail, and their impact on the social interest, on the employees and on the partners of Club Méditerranée.
The Board reiterates that it will make a reasoned opinion on the final overbid only.
Company Press Release