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The Club Med board has unanimously voted to accept an improved offer for the French all-inclusive resort operator.

This came as China’s largest private conglomerate Fosun and Axa Private Equity, which already own 19.3% of the company’s shares, increased their €17-a-share offer by 3%.

The offer, involving members of the management including chief executive Henri Giscard d’Estaing, values Club Med at €557 million, the Financial Times reported.

Giscard d’Estaing said last month that the buyout would allow the group to continue moving upmarket without pressures stemming from falling bookings by austerity-hit Europeans.

Club Med may be delisted and taken private if there is a 95% take up