Club Med's board sells stake
The board of directors of Club Mediterranee accepted an offer from two shareholders to take over the company. Club Mediterranee is a French holiday firm. The new owners of the company plan to shift Club Med's focus into fast-growing economies.
Teaming up with the management, AXA Private Equity and Chinese investor Fosun International padded their initial offer to Eur17.50 per share. This new offer is higher by a half-euro, prompting some of the shareholders to express dismay.
Other major shareholders have accepted the offer. Caisse de Deop et de Gestion du Maroc, which holds 7.1 percent stake at Club Med, initiated the tender of their shares along with members of the board of Club Med.
Other members who gave in to the offer were Saudi Arabia conglomerate Rolaco which owns 5.6 percent stake, and Holding Edizione Benetton from Italy which holds 2.2 percent stake.
Club Med was the pioneer of holiday resorts with all-inclusive membership.