A group of firms led by China’s Foshun has posted a last-minute counterbid for French resort operator Club Med valuing the company at $1.1 billion.
It bid 1 euro per share more than the original offer by Italian tycoon Andrea Bonomi and is the fourth attempt by Foshun to acquire the company in recent months.
French regulators had set a deadline of today for any opposing bids.
"We are presenting the highest offer and the best liquidity for all the company’s shareholders," said Jiannong Qian, of Gaillon Invest II affiliate of the Fosun group.
"The offer is based on a long-term industrial plan, it is in line with Club Med’s strategy and is supported by the management."
Fosun has gradually increased its shareholding to just under 10% and has been working with Club Med management to lure more Chinese customers to its resorts.
