The Club Med board has unanimously voted to accept an improved offer for the French all-inclusive resort operator.
This came as China’s largest private conglomerate Fosun and Axa Private Equity, which already own 19.3% of the company’s shares, increased their €17-a-share offer by 3%.
The offer, involving members of the management including chief executive Henri Giscard d’Estaing, values Club Med at €557 million, the Financial Times reported.
Giscard d’Estaing said last month that the buyout would allow the group to continue moving upmarket without pressures stemming from falling bookings by austerity-hit Europeans.
Club Med may be delisted and taken private if there is a 95% take up of the offer.