Giscard d'Estaing is fighting for a French Club Med
EXCLUSIVE - Henri Giscard d'Estaing, the group's CEO, defended in an interview with "Figaro" draft OPA Ardian and Fosun against the rival bid by Italian Andrea Bonomi investor.
The battle is still very long. against-the takeover of the Club Med launched Monday by the Italian investor Andrea Bonomi was examined Thursday for the second time this week, the board of tourism group. Having appointed a committee of independent directors, the Board, according to our information, called as an expert Associés en Finance and Roland Berger as strategic consulting firm. Objective: To ensure the fairness of the offer of Global Resorts, the holding company launches bid Andrea Bonomi and partners, and assess the prospects.
This step should take about three weeks, after which the council will prepare an official response to this offer. It is only then that the AMF will publish the timetable offers. Market transactions will therefore continue until around September 10. And almost to the end, the bidding is possible. Suffice to say that the suspense is likely to last. Concerning "the terms and the price is Gaillon ( Ardian and Fosun , Ed) to respond if there are material or not to raise the price of its offer, "says Le Figaro Henri Giscard d'Estaing . CEO of Club Med however not hide his opinion in his eyes, the tandem-Ardian Fosun guarantees "the French anchor 'Club, unlike Andrea Bonomi who" only wants to take control. "
A high price
Fund capital Ardian and Chinese Fosun Group therefore have time to evaluate their options. The game will be tight because Andrea Bonomi hit hard, very hard. "At 21 euros per share, that is to say 22% more than this offer Ardian and Fosun, Italian has an award to" kill "the market" analysis an observer. Ardian and Fosun may be able to raise their offer, insofar as financing conditions have continued to improve since the first proposal made in May 2013, but shifted over a year due to litigation. But they need to reassess their expectations of return to justify an expensive than that envisaged by the Italian operation.
For now, the urgency is to counter developed by the Italian strategic arguments. In an interview with Le Figaro, Henri Giscard d'Estaing, the group's CEO, defends the "deal" with Ardian and Fosun, which he crafted. He warns against destabilization of Club Med. "It must be remembered that there are only ten years, Club Med was on the verge of bankruptcy. This means that it is a fragile business. Any sudden movement, any change that is not based on a real and profound knowledge of Club Med, its business and its values would be dangerous for him, "explains Henri Giscard d'Estaing.