The decision to withdraw came after Club Med’s board recommended a €790m bid from Italian tycoon Andrea Bonomi.
Bonomi trumped a sweetened €17.50 per share offer from Ardian and Fosun with a €21 per share bid in June after regulators told him to clarify his intentions before the end of the month.
His investment fund Investindustrial said that it planned to launch six new holiday villages and add 5,000 beds.
In June Fosun chairman Guo Guangchang said its €557m bid was the best possible offer for Club Med and the Chinese group was not interested in partnering with any other party besides Ardian.
In the meantime, Ardian is reportedly in talks to buy buyout fund stakes worth more than $2bn from Abu Dhabi Investment Authority.
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