Chinese conglomerate Fosun International and global private equity firm Ardian have withdrawn plans to acquire French holiday firm Club Méditerranée because of a much higher competing bid, according to an official announcement made by Fosun.
Global Resorts SAS is a subsidiary of Investindustrial Group. It is offering €21.0 per share to acquire Club Med, 25% above the €17 price that Fosun and Ardian have offered earlier.
Fosun International and Ardian, previously named AXA PE, entered into an investment agreement in May to acquire Club Med through a voluntary tender offer that valued the company at €556 million.
In June 2013, Fosun and AXA PE decided to improve the terms of the offer to €17.5 per share.
Founded by the Italian Bonomi family, Investindustrial operates through a series of investment funds, holding companies and financial advisory firms, each managed independently and established in the United Kingdom, Spain, Switzerland, Luxembourg, the United States and China.
The family currently has around €4.4 billion of assets under management.