PARIS, April 29 (Reuters) - A Paris court on Tuesday rejected a shareholders challenge to a bid by China’s Fosun International and French private equity firm Ardian for holiday operator Club Med.
“The court rejected the CIAM and ADAM challenges” an official from the team of Julien Visconti, the lawyer for plaintiff Charity Investment Asset Management (CIAM), told Reuters by phone.
The plaintiffs - the Association for the Defence of Minority Shareholders (ADAM) and Charity Investment Asset Management (CIAM) - were challenging the offer on the basis that it was too low at 17.50 euros per share and offered favourable terms to the management that has agreed to it. It was not immediately clear whether they would appeal.
Club Med shares have risen 37 percent since news of the bid emerged in May 2013.
The stock was trading 8.5 percent above the 17.50 euros offer price, having set a five and a half year-high of 18.99 euros earlier on Tuesday before the court decision was known. (Reporting by Dominique Vidalon; editing by Geert De Clercq)