Axa PE and Fosun increase Club Med bid
Axa Private Equity and Fosun International have increased their offer to wholly acquire listed French holiday resorts group Club Méditerranée to €17.50 per share, up from the initial offer of €17 per share.
The original offer valued the company at around €540m, while this revised bid would bring the EV to nearly €554m.
Axa PE and Fosun have been shareholders in Club Med for two and three years respectively, holding a combined 19% stake in the business prior to the deal.
The duo have also upped their offer per convertible bond from €19 to €19.79.
The improved offer is to be filed with the Autorité des Marchés Financiers as soon as possible, following changes to the documentation.
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