By Dominique Vidalon
PARIS (Reuters) - Chinese billionaire Guo Guangchang on Friday sweetened his bid for struggling Club Mediterranee (PA:CMIP) at the last minute, trumping a 24 euros offer from Italian tycoon Andrea Bonomi in France's longest-running takeover battle.
The 24.60 euros per share offer is 0.60 euro higher than Bonomi's and values the all-inclusive holiday pioneer at 939 million euros (£736 million). It is the eighth offer Club Med investors have been asked to review since May 2013 when Guo offered 17 euros. It came before Friday's 1700 GMT deadline.
The Bonomi camp could not be immediately reached for comment.
The new offer was made by Gaillon Invest II, majority controlled by Guo's Fosun conglomerate (HK:0656).
It now includes Fosun with a 62.6 percent stake, Portuguese insurer Fidelidade with a 20 percent stake, French private equity partner Ardian, with a 5.8 percent stake, the management of Club Med with a 2.9 percent stake and Chinese travel agency U-Tour with a 8.7 percent stake
The amount of the acquisition debt will be increased up to 280 million euros with no financial impact on the company.
Brazilian investor Nelson Tanure, active in the tourism industry, has confirmed his interest in investing in Gaillon II and would own up to a 20 percent interest, the statement said.
Guo and Bonomi have been playing takeover leapfrog for months, with both men seeing turnaround potential in a business damaged by the weak economy in its core market of Europe, and by a stalled attempt to move upmarket.
Both also hope to develop the brand in faster-growing China though Bonomi has said Club Med must also focus on Europe and notably France.
The company's management has consistently backed Guo's offer.
Gaillon stressed on Friday it would continue to invest in France and could consider a delisting of Club Med. Bonomi is also in favour of a delisting.
Guo, who Forbes estimates has a net worth of about $4.3 billion, has described Club Med as an ideal investment to tap booming Chinese demand for the kind of leisure it offers for China's harried and increasingly affluent city dwellers to relax.
Club Med shares were suspended ahead the statement.
They closed at 24.90 euros on Thursday, having gained 43 percent since the start of the year and 80 percent since Guo made his first offer.
(Reporting by Dominique Vidalon; Editing by Mark John)