A holding company controlled by Italy’s Bonomi family has raised its stake in Club Méditerranée,
the
Financial Times
reported.
The family is attempting to thwart Club Med’s efforts to go private, the article said.
The family, through its fund called Strategic Holdings, became Club Med’s largest shareholder after it bought more than 400,000 shares for €18.96 a share, the
FT
article said, citing a filing with France’s stock market authority. The fund said it intended to buy more share and has the resources to raise its stake to as much as 29%, according to the report.
French private equity fund Ardian, which already owns 9.94% of Club Med, and China’s Fosun International, which owns 9.96%, had made an offer of €17.50 per share last year. The value of their proposed deal to take the company private, under which they each would have 46% of a holding company and Club Med’s management would have 8%, is €557 million, the
FT
article said.
One week earlier, the Benetton family said it would withdraw support for Club Med’s tender offer because the share price had risen to higher than the above the offer price.
The Bonomi family said in its filing that it would seek representation on the board but would not seek control of Club Med. The family said it might consider bidding through the company through its private equity group if the Ardian-led offer fails, the
FT
article said. (Source:
Financial Times,
May 21, 2014.)
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