PARIS - Club Mediterranee's top shareholders plan to take over the French holiday firm in a bid that values it at around ?541-million (about R6.7-billion), to accelerate its shift to fast-growing emerging markets.
Chinese investor Fosun International and AXA Private Equity said yesterday they would team up with management to offer ?17 a share for the stock they do not already own - a 23% premium to Friday's closing price.
Chief Executive Officer Henri Giscard d'Estaing, who has spearheaded Club Med's upmarket shift and expansion away from recession-hit Europe, said the friendly bid would give the group freedom to focus on emerging markets.
Club Med said it would appoint a committee of independent directors to assess the offer, which is expected to be filed in the next few days.
R6.7bn bid made for travel firm
PARIS - Club Mediterranee's top shareholders plan to take over the French holiday firm in a bid that values it at around ?541-million (about R6.7-billion), to accelerate its shift to fast-growing emerging markets.
Chinese investor Fosun International and AXA Private Equity said yesterday they would team up with management to offer ?17 a share for the stock they do not already own - a 23% premium to Friday's closing price.
Chief Executive Officer Henri Giscard d'Estaing, who has spearheaded Club Med's upmarket shift and expansion away from recession-hit Europe, said the friendly bid would give the group freedom to focus on emerging markets.
Club Med said it would appoint a committee of independent directors to assess the offer, which is expected to be filed in the next few days.
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