Club Méditerranée is to be taken over by its biggest shareholders in a friendly deal that values the French holiday resort group at €556m, as it revealed a drop in European holiday bookings – its biggest market.
Paris-based Axa Private Equity and Fosun, China’s largest private conglomerate, which already own 19 per cent of the shares, said on Monday that they would team up with the company’s management to offer €17 a share – a 23 per cent premium to Friday night’s close of €13.85.
Shares in Club Med jumped 22 per cent on Monday on news of the takeover offer, ending at €16.95.
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