Fosun Tourism Group (HKG:1992) received a proposal from French hospitality brand Club Med for the latter to repurchase shares from the Chinese leisure tourism company as it plans to become a private firm, a Hong Kong Stock Exchange disclosure said on Tuesday.
Club Med offered to buy back the remaining shares Fosun Group does not own for HK$7.80 per share and cancel them from its public listing in Hong Kong.
After the cancellation, Fosun Tourism's subsidiaries, Fosun International and Fosun Holdings, will hold 98.44% and 1.56% of the company.
Sources told Yicai Global that Fosun Tourism plans to become private due to its under undervaluation and poor liquidity, according to a Thursday report.
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