French supervisory Authority on financial markets (Amf) gave yesterday its go ahead to Chines conglomerate Fosun‘s takeover bid on Club Med shares and convertible bonds (download here the press release by Amf).
So yesterday afternoon the prospectus of the bid by Fosun and its allies through Gallion Invest II and by Portuguese insurance company Fidelidade (controlled by Fosun) prepared by financial advisors (SocGen, Natixis and Crédit Agricole) was published on Amf’s internet site. Moreover also the informative document (prepared by advisor Rotschild) was published (download here the document).
Amf is expected now to give a precise timetable for the bid but the prospectus gives an informal schedule stating that the offert might open next October 17 and close on November 20 with bid’s final results to be announced next November 27. So Andrea Bonomi, the Italian principal parnter of Investindustrial, who in turn luanched a bid on Club Med’s shares and bonds, will have time till November 13 to adjust the price of his own bid in order to overtake Fosun’s offer (see a previous post by BeBeez).
Club Med’s shares closed flat at 22.42 euros yestarday in Paris, above the 22 euro per share price offered by Fosun. A sign that the markets believes that the battle for conquering control of the frech tourist group is not closed yet.