The takeover bid on Club Med launched by Global Resorts by Andrea Bonomi it got the go-ahead from the AMF, the French market authority. The offer, at the unit price of 21 euros, contrasts with the tender offer presented by Gaillon Invest, with a much lower value (17,50 euros per share). The AMF will communicate the opening date of the takeover bid later. Based on what is learned from financial sources, the offer should start on 18 August and end on 19 September.
The AMF "found that the price offered by Global Resorts" is "more than 2% higher" than the price offered by Gaillon Invest, the joint venture made up of the Chinese Fosun and the French Ardian. The Authority then recalls that the Board of Club Med and an independent expert "judged the prices offered" by Global Resorts to be fair.
Bonomi's offer values Club Med at 790 million euros against Gaillon's less than 600 million. The takeover bid - specifies the AMF - concerns the 32,28 million shares of Club Med, equal to 90,08% of the capital, not held by the company or by the participants in the concerted action, as well as the shares that will be issued with the conversion of ocean bonds.
For the oceans there is a unit price of 22,41 euros. Strategic Holdings, a Luxembourg vehicle owned by Bonomi's Bi-Invest, holds 3,55 million Club Med shares, equal to 9,9% of the capital according to the Club Med website and has undertaken to transfer and contribute its securities to offer. The tender offer was presented to the AMF by Unicredit Bank Ag and by Lazard Freres Banque acting on behalf of Global Resorts.
The Global Resorts consortium is made up not only of Bonomi (with 90%) of the South African tycoon Solomon Kerzner who controls the Atlantis and One and Only hotel chains, of Gp Nvestments, owner of the Brazil Hospitalyt Group and of the managers of the Spanish amusement park Port Aventura owned by the Bonomi family.
