Fosun set to raise offer in Club Med bid battle: source
Reuters
Published Nov 30, 2014 06:44PM ET
Fosun set to raise offer in Club Med bid battle: source
By Pascale Denis
PARIS (Reuters) - Chinese conglomerate Fosun (HK:0656), controlled by billionaire Guo Guangchang, is set to raise its bid for holiday company Club Mediterranee (PA:CMIP) on Monday to trump Italian tycoon Andrea Bonomi, a source familiar with the process said.
Bonomi's latest offer in the long-running battle stands at 23 euros per share and values the French company at 874 million euros ($1.1 billion). Fosun had previously offered 22 euros a share in a takeover leapfrog saga that dates back to an offer from Fosun in May 2013.
($1 = 0.8019 euros)
(Additional reporting by Dominique Vidalon; writing by Andrew Callus; editing by Kevin Liffey and David Clarke)
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