Fosun International’s tender offer for the shares of holiday group Club Méditerranée has been successful, the French stock market regulator confirmed on Wednesday — drawing a line under the longest takeover battle in French history.
In a statement, the AMF regulator said that Fosun and its partners controlled 92.8 per cent of Club Med shares by the end of the offer period, well above the 50 per cent required under stock market rules for a successful bid.
In December, Fosun’s special purpose vehicle, called Gaillon Invest II, improved on its previous bid for the holiday group, offering Club Med shareholders €24.60 per share.
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