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STOCKS | Staff Reporter, Singapore
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Jardine Strategic acquisition to proceed

Now with a tick of approval from shareholders, the transaction will become effective from 14 April.

The acquisition of Jardine Strategic by Jardine Matheson is set to go ahead, as the resolution has been approved by shareholders during a special general meeting.

This comes as Jardine Matheson previously announced plans to acquire the 15% shares of Jardine Strategic it does not own, at US$33 per share, to simplify the parent company structure of the group.

Whilst a number of shareholders in Jardine Strategic voted against the acquisition, “a large number of shares” were from investors who were not shareholders at the time of the announcement on 8 March.

The group noted that some investors had indicated an intent to apply to the Court in Bermuda to appraise the fair value of their shares.

In a filing, Jardine Matheson said it believes that “the acquisition price represents fair value for the Jardine Strategic shares and that the process undertaken was fair, transparent, and robust.”

The group added it will continue to engage with all shareholders moving forward with the simplification of its parent company structure and the delivery of long-term strategy.

“The group delivered a resilient performance in 2020 and whilst the COVID-19 pandemic means that the outlook remains subject to significant uncertainty, it remains confident in its long-term strategy, rooted in the growth markets of Asia,” Jardine Matheson said.

The acquisition will become effective on 14 April.

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