Jardine Matheson acquires more stake in Mandarin Oriental

The deal could result in the privatisation and delisting of the hotel group from the SGX.

Jardine Matheson is acquiring an 11.96% stake in Mandarin Oriental for $4.33 (US$3.35) per share, valuing the luxury hotel group at about $5.4b (US$4.2b).

As Jardine Matheson already owns 88.04% of Mandarin Oriental, the deal could result in the privatisation and delisting of the hotel group from the SGX.

“Privatisation of Mandarin Oriental would simplify Jardine Matheson’s existing corporate structure, whilst better supporting Mandarin Oriental in achieving its growth objectives,” the company said in a bourse filing.

The group’s offer price comprises $3.56 (US$2.75) per share in cash alongside a special dividend of $0.78 (US$0.60) in cash, with the total value representing a 52.3% premium to Mandarin Oriental’s closing price of $2.84 (US$2.20) on 29 September.

($1=US$0.77)

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