Club Med shares rise as market waits for Fosun bid
PARIS Dec 1 (Reuters) - Shares in Club Mediterranee rose 0.6 percent to 24.10 euros in morning trade as Chinese conglomerate Fosun prepared to raise its bid for the holiday company in an attempt to trump a rival offer from Italian tycoon Andrea Bonomi.
Bonomi's latest offer in the long-running battle stands at 23 euros per share and values the French company at 874 million euros ($1.1 billion).
Fosun had previously offered 22 euros a share in a takeover battle that began in May 2013, and a source told Reuters on Sunday it was planning to sweeten its bid on Monday.
According to rules set by the French markets regulator, the AMF, Fosun has until 1700 GMT to come back with a higher offer.
(Reporting by Dominique Vidalon; Editing by Leila Abboud)
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