PHUKET: Club Med is being bolstered by Chinese travellers with China now accounting for ''the largest number of customers'' on Phuket, in Bali and at Kani in the Maldives.
In Asia, says a media release from Club Med, bookings have risen by eight percent, ''with a key contribution from fast-growing markets, especially Greater China, where bookings are up by more than 40 percent.''
In a separate release, a ''tender offer'' for the business is revealed. Here is the text of that release:
THE BOARD of Directors of Club Mediterranee, meeting on 26 May 2013, took knowledge of the proposed tender offer that its two main shareholders, Axa Private Equity and Fosun, intend submitting, together with Club Mediterranee's management.
The Board took note of the friendly character of this offer.
The Board will be meeting within the next few days to name an ad hoc Board committee composed of independent directors. This ad hoc committee will be tasked with overseeing the work of the independent expert within the meaning of stock market regulations, who will be appointed by the Board and issue an opinion on the fairness of the tender offer.
In accordance with the 6(th) resolution voted by the shareholders' meeting on 7 March 2013 and Article 231-40 of the AMF's General Regulation, the Board has decided to suspend implementation of the share buyback program, and in particular the liquidity agreement entered into on 10 July 2007 with Natixis Securities.
The Board will meet again after the delivery of the report by the independent expert to provide its reasoned opinion on the terms of the tender offer, in accordance with applicable regulations.
In Asia, says a media release from Club Med, bookings have risen by eight percent, ''with a key contribution from fast-growing markets, especially Greater China, where bookings are up by more than 40 percent.''
In a separate release, a ''tender offer'' for the business is revealed. Here is the text of that release:
THE BOARD of Directors of Club Mediterranee, meeting on 26 May 2013, took knowledge of the proposed tender offer that its two main shareholders, Axa Private Equity and Fosun, intend submitting, together with Club Mediterranee's management.
The Board took note of the friendly character of this offer.
The Board will be meeting within the next few days to name an ad hoc Board committee composed of independent directors. This ad hoc committee will be tasked with overseeing the work of the independent expert within the meaning of stock market regulations, who will be appointed by the Board and issue an opinion on the fairness of the tender offer.
In accordance with the 6(th) resolution voted by the shareholders' meeting on 7 March 2013 and Article 231-40 of the AMF's General Regulation, the Board has decided to suspend implementation of the share buyback program, and in particular the liquidity agreement entered into on 10 July 2007 with Natixis Securities.
The Board will meet again after the delivery of the report by the independent expert to provide its reasoned opinion on the terms of the tender offer, in accordance with applicable regulations.
