Club Med Owner Shares Jump 83% After HK Take-Private Offer [Yahoo! Finance Canada]
FOSUN INTL LTD UNSP/ADR (FOSUY)
NASDAQ:AMEX Investor Relations:
ir.fosun.com
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Share prices surged as much as 83% after Fosun Tourism resumed trading on Wednesday. The firm proposed to buy back the remaining shares that Fosun Group doesn't own and withdraw from its public listing in Hong Kong, according to an exchange filing on Tuesday that confirmed an earlier Bloomberg News report. The cancellation price is HK$7.8 ($1) per share, representing a premium of about 95% to its last closing price on Nov. 26, the day before trading was suspended. Fosun Tourism's biggest shareholder is Fosun International Ltd., which holds almost 80% in the business. Shares of Fosun Tourism have declined 31% this year, giving the company a market value of around $640 million. While the hospitality sector has been a relative bright spot in the slowing Chinese economy, tourism is also feeling the pinch as consumers increasingly hunt for bargains and pull back on spending, including when they travel. Fosun Tourism saw its first-half profit from operations
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