Club Med shares up over 20% as 2 firms bid for it
PARIS (AFP) - The two main shareholders in upmarket holiday group Club Mediterranee, including a Chinese firm, said on Monday that they would make a bid for the company, driving Club Med shares up over 20 per cent.
The two bidding companies, AXA Private Equity and Chinese conglomerate Fosun, said that their bid would be friendly and involved top Club Med managers.
The bid would be pitched at 17.0 euros (S$27.8) per share, representing a premium of 28.4 per cent on the average share price over a month, the two bidders said in a statement.
The company's shares shot up over 22 per cent to 16.96 euros in late afternoon trading.