Mandarin Oriental shareholders approve Jardine Matheson privatisation offer

Shareholders of Mandarin Oriental International on Monday (Dec 8) voted in favour of Jardine Matheson’s cash takeover bid that values the hotel group at about US$4.2 billion.

The investment company said on Oct 17 that it was moving to take Mandarin Oriental private in a recommended cash takeover valued at US$3.35 per share.

Jardine Matheson’s investment holding company, Jardine Strategic, will acquire the remaining 11.96 per cent of Mandarin Oriental shares it does not already own.

Its offer includes a US$2.75 per share scheme value and a US$0.60 per share special dividend from Mandarin Oriental’s sale of part of Hong Kong commercial development One Causeway Bay (OCB).

Completion of the acquisition remains subject to the satisfaction or waiver of remaining conditions, including the completion of the OCB sale, which is expected to occur by Dec 31, 2025.

Shares of Mandarin Oriental closed flat at US$3.30 on Monday, while those of Jardine Matheson fell 0.1 per cent or US$0.06 to close at US$68.35.

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