Court to rule on Club Med bid challenge April 29
By Dominique Vidalon
PARIS Feb 27 (Reuters) - A Paris court will rule on April 29 on a shareholders challenge to a bid by China's Fosun International and French private equity firm Ardian for holiday operator Club Med.
"The presiding magistrate will say on April 29 whether or not he accepts the challenges," Catherine Berjal, head of Charity Investment Asset Management (CIAM), one of the plaintiffs, told Reuters by phone.
She was speaking after the court held a hearing on the complaints of two minority shareholders groups earlier in the day. The plaintiffs are challenging the offer on the basis that it is too low at 17.50 euros per share and offers favourable terms to the management that has agreed to it.
Club Med lawyer Jean-Pierre Martel said he was "totally confident in the outcome of the case" as there was "no ground to these challenges".
Berjal declined to give a view on the outcome.
CIAM represents minority shareholders holding a little under one percent of Club Med's capital, Berjal said.
Fosun and Ardian, the former Axa Private Equity, initially planned on offering 17 euros, but revised their offer to 17.50 euros in June 2013.
The bid for Club Med - headed by chief executive Henri Giscard d'Estaing - opened on July 17 and was due to run until Aug. 30, but was extended until further notice after shareholders issued a legal challenge. Continuación...