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Club Med climbs beyond bid price as investors seek more

PARIS (Reuters) - Shares in Club Mediterranee <CMIP.PA>, which its top two shareholders want to buy, extended their gains above the proposed bid price on Wednesday amid signs some investors in the French holiday firm are pushing for a better deal.

BUYOUT OFFER BRINGS CHINA INTO THE ORBIT OF CLUB MED

c.2013 New York Times News Service SERRAVAL, France — Fewer “crazy signs.” More karaoke. That could be the future for Club Med, the French resort operator, which said Monday that it had received a $700 million buyout offer led by its two largest shareholders, an investment unit of the French insurer AXA and a Chinese conglomerate called Fosun International.

Chinese group bids for Club Med holidays

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 percent. 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 per share, representing a premium of 28.4 percent on the average share price over a month, the two bidders said in a statement.
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