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Sun sets on Club Med as Bonomi takeover begins

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Sun sets on Club Med as Bonomi takeover begins

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Italian businessman Andrea Bonomi Global Resorts’ offer for Club Med opened on Monday, with shareholders having until 19 September to decide if they will jump ship or twist again with the once-mighty purveyors of sea, sex, and sun.

Shares have settled around Bonomi’s offer price of 21 euros, valuing Club Med at just under 800 million euros.

Bonomi became Club Med’s biggest shareholder earlier this year before launching his bid.

He had to fight off a rival before going ahead, but French investment fund Ardian and China’s Fosun failed to tempt with their joint offer.