Today is the last day Chinese conglomerate Fosun International controlled by billionaire Guo Guangchang can come back with a higher offer for holiday company Club Mediterranée according to rules set by the French regulator AMF.
Italian financial tycoon Andrea Bonomi‘s latest offer (launched by private equity fund Investindustrial and its allies through Global Resorts) stands at 23 euros per share and values the French company at 874 million euros. Fosun had previously offered 22 euros a share in a takeover leapfrog saga that dates back to an offer from Fosun in May 2013 (see a previous Post by Beez).
In the last few days Brazilian tycoon Nelson Tanure, chairman and ceo of Docas Investimentos, confirmed the Financal Times that he was in talks with Fosun in order to study a new counter-bid on Club Med’s shares. Actually last September when Fosun launched its offer through Gallion Invest II in a statement Fosun said that Docas would have been involved in the bid partecipating in gallion’s capital until a 20% stake (see a previous post by BeBeez).
Meanwhile last Friday November 28th Club Med published its financial statements for fiscal year 2013-2014 (download here the press release). It ended with a 9 million euros consolidated net loss, the same of fiscal year 2012-2013, after revenues of 1.38 billion euros (from 1.4 billions) and a stable ebitda of 118 millions. Net loss was due above all to some extra-costs for 13 millions originated by closing or leaving some not stretegic villages and some other extra-costs for 6 millions due to advisory fees to the Board related to the long-running battle for the company’s control.