Club Med Board Approves $732M Fosun, AXA Buyout

Law360, New York (June 25, 2013, 12:50 PM EDT) -- A consortium of private equity investors led by China's Fosun International Ltd. and France's AXA Private Equity has secured the blessing of Club Mediterranee SA's board after increasing its buyout offer to €557 million ($731.6 million), Fosun announced Tuesday.

Fosun and AXA decided Monday to increase their per-share offer price for the French vacation resort company from €17 to €17.50, Fosun said. The increase was enough to win over Club Med's board, which has approved the buyout by the PE firms in tandem with some of...
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