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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.

French authorities approve ClubMed buyout

France's market authority said on Tuesday it had approved the takeover of up-market holiday firm Club Med by Chinese group Fosun and a French investment fund. France's Autorité des Marchés Financiers said the improved offer of 17.5 euros per share by Fosun and French group AXA Private Equity, already the two main shareholders, was valid. The board of Club Mediterranee, as the company is officially known, last month voted unanimously in favour of the friendly offer which values the business at 556.89 million euros ($732 million).

Chinese, French bidders raise price for Club Med

The Chinese group Fosun and a French investment fund have raised their bid for up-market holiday firm Club Mediterranee and the board has voted for acceptance, the firms said on Tuesday. Fosun and French group AXA Private Equity, already the two main shareholders, raised their bid to 17.5 euros per share from 17.0 euros which small shareholders had objected was not enough. Club Med, as the company is known, said that its board had voted unanimously on Monday in favour of the friendly offer which values the business at 556.89 million euros ($732 million).

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.
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