The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Katrina Hamlin
HONG KONG, Jan 15 (Reuters Breakingviews) - Club Med owner Fosun Tourism plans to take itself private, capping a record year of similar deals in a city thirsty for large IPOs. It helps the company's ailing parent and hard-up shareholders get a decent premium. For financiers too, the trend is bittersweet.
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CONTEXT NEWS
Hong Kong-listed Fosun Tourism has proposed to buy back its shares that are not owned by its controlling shareholder, Fosun International, according to an exchange filing on Dec. 10.
Fosun Tourism will buy back the outstanding shares at HK$7.80 each, a 95% premium to their last close, or alternatively minority shareholders can exchange their shares for a stake in the new unlisted entity.
The shares closed at HK$7.40 each on Jan. 7.
Graphic: Hong Kong take-privates outstrip listings in 2024 https://reut.rs/407gg6z
(Editing by Una Galani and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on HAMLIN/katrina.hamlin@thomsonreuters.com; Reuters Messaging: katrina.hamlin.thomsonreuters.com@reuters.net))
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