The curtain fell on Friday, January 2nd longest battle of the French stock market history, which began in May 2013. The Italian businessman Andrea Bonomi finally threw in the towel and decided not to raise its bid for Club Méditerranée (“Club Med”), abandoning in favor of the famous brand in Chinese investment funds, Fosun.
The Chinese group, owned by billionaire Guo Guangchang, made a 24.60 Euros bid per share, valuing the French company at 939 million Euros.
“The current scenario and valuation levels do not warrant further study of a potential investment in Club Med,” said Andrea Bonomi in a statement onFriday before the deadline of January 7, fixed by the Autorité des Marchés Financiers (AMF) for a possible higher bid.
No one was immediately available at Club Med to comment on the announcement of the withdrawal by ‘Global Resorts’. It is worth to mention that Guo Guangchang and Bonomi fought a fierce battle that plunged the leisure group in difficulty but finally, this matter is resolved.