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France/China: Shareholders fail to halt Club Med takeover

 |  April 30, 2014

France-based vacation operator Club Med is set to be acquired by China-based Fosun International, as well as private equity firm Ardian, after Club Med shareholders had a petition to delay the takeover rejected by a court.

According to reports, the Association for the Defense of Minority Shareholders and Charity Investment Asset Management had challenged the acquisition on the grounds the buyout price is too low. The company was acquired for 17.5 euros a share.

A court rejected the groups’ challenge, however, allowing the transaction to proceed. Reports say the deal will finalize next month.

The shareholders’ fight against the Club Med takeover had delayed the merge for more than a year, report say.

Full content: Reuters

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