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Club Med holds out for more as bid deadline nears

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Club Med holds out for more as bid deadline nears

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Club Med issued its results on Friday accompanied with a call for a better offer from rivals bidding for the billion-euro holiday company’s affections.

Club Med warned the takeover battle only has until Monday, when the board decides between a group led by Italian investor Andrea Bonomi and China’s Fosun International.

The French group faces a dwindling European market, but added 25,000 new customers. Revenue fell to 1.4 billion euros and the closure of several villages meant year-on-year net losses were nine million euros, identical to the year before.