Club Med Focus of Buyout by Top Shareholders
PARIS -- Shares in Club Mediterranee rose sharply Monday on word that the iconic French vacation resort operator's two largest shareholders are launching a buyout.
The offer by Axa Private Equity of France and Fosun, a Shanghai, China-based investment company, values Club Med stock at 556 million euros ($719.41 million).
Axa PE and Fosun already own a combined 19.33% of Club Med shares representing 24.87% of the voting rights. They are offering 17 euros a share for the rest of Club Mediterranee's stock.
In a statement, Axa PE and Fosun said the offer would be made in the coming days.Club Med shares jumped 22% to 16.95 euros following news of the planned offer. Founded in 1950, Club Med operates about 80 resorts in Europe and around the world.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV