Fosun, Axa French Club Med buyout extended
The French financial markets authority, Autorité des Marchés Financiers (AMF), has extended a takeover of France-based vacation resort operator Club Méditerranée (Club Med) by China’s Fosun International and Axa Private Equity after shareholder complaints.
The AMF said it was extending the period of the bid, which had been due to close on August 30, until further notice. The court is due to hold a hearing on the case on August 19.
Minority shareholder's association ADAM and Charity Investment Asset Management said, the takeover offer of EUR17.50 per share, is too low, Reuters reported. Both parties have filed complaints against the takeover with the AMF regulator.
Earlier in July, AMF said the offer from the firm's two biggest shareholders was valid. The board of Club Med voted in favor of the friendly offer which values the business at EUR557 million ($729 million) in June. The offer had been raised from EUR17 apiece.
The two investors will also pay EUR19.79, including coupon, per bond convertible in or exchangeable for new or existing shares (OCEANEs), up from EUR19.23.
Fosun and Axa plan to operate Club Med as a joint venture, each owning 46% with the balance held by 400 of the company's managers. Henri Giscard d'Estaing is to remain CEO. Fosun currently holds 9.9% of Club Med and Axa has 9.4%.
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