Global Resorts releases improved offer of EUR 23 per Club Med share
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Global Resorts, advised by Unicredit and Lazard, announced that it has acquired 2,164,242 shares in Club Med at a price of EUR 23 per share, increasing its shareholding to 5,720,681 shares representing 15.93% of the capital and 14.35% of the voting rights in the company.
Global resorts is therefore improving its offer for Club Med to EUR 23 per share. The price offered for the Oceane bonds in Club Med remain unchanged at EUR 22.41 per Oceane.
Trading on ordinary shares issued by CLUB MEDITERRANEE was suspended on EURONEXT PARIS yesterday 11 November and will resume today 12 November.
AMF, the French stock market regulator, will reveal later on the consequences of the improved offer on the timetable of the offer period, which is currently scheduled for closure on 20 November 2014.
The full French language release can be found here.
This development was also reported in daily Le Figaro, which claimed that Andrea Bonomi, the Italian entrepreneur behind Global Resorts, is currently negotiating the acquisition of further shares in Club Med to increase its stake to about 18.9%. The unsourced report noted that Chinese investment group Fosun, which has tabled a competing offer for Club med, currently owns 18.3% in the French group.
Source Regulatory Authority Press Release (Translated), Le Figaro