Club Mediterranee’s shares got a fresh boost on Wednesday from Italian tycoon Andrea Bonomi as he reigniting the battle for control of the French resort operator.
Bonomi has sweetened his bid to 23 euros a share, having got the backing of US private equity fund KKR for extra cash.
The new offer is one euro higher than the last bid from Chinese conglomerate Fosun and came just two days before the deadline for bids imposed under French takeover rules.
However the country’s stock market regulator could extend that deadline
Club Med’s shares are up by a third since the start of the year and investors seem to believe the bid price could go higher as they set a session high of 23.67 euros on Wednesday.
Fosun’s Gaillon Invest II investment vehicle has said it will review the new Bonomi offer and its terms, but the timetable to make a counterbid would be very tight under the original deadline.
It is the latest chapter in a takeover saga that goes back to May of last year.