The year-long high stakes bidding war for control of the French owned Club Med resort group looks finally to have found a winner.
Italian tycoon Andrea Bonomi’s Global Resorts investment firm said it will not raise its offer again and will withdraw its last bid, paving the way for rival Fosun International to acquire Club Med for about $1.16 billion.
Shanghai based Fosun International, owned by Chinese billionaire Guo Guangchang, increased its latest offer to $29.55 on December 17.
"Global Resorts is satisfied that a higher valuation was achieved for minority shareholders," Bonomi said in the statement.
"Having carefully analyzed the public offer for shares in Club Med SA, and, in particular the company’s valorization level, Global Resorts SAS has decided not to increase its bid, and consequentially intends to withdraw its offer," he added.
Fosun has worked with Club Med for several years on new developments in China and the Club Med board and CEO Henri Giscard d’Estaing had backed the Fosun bid due to its expertise in the Asia market where Club Med sees the most promising long term growth.
The tit-for-tat battle for Club Med began in mid-2013 and has been the longest takeover battle in French history.
