In October, Hong Kong-based conglomerate Jardine Matheson announced plans to buy the rest of the Mandarin Oriental shares it does not already own, valuing the hotel investment and management firm at $4.2 billion and delisting it from the Singapore stock exchange. This week, the companies agreed to terms of a recommended cash acquisition in which Bidco, a subsidiary of Jardine Matheson, would acquire the 11.96 percent of Mandarin Oriental’s total issued share capital it did not already own.
In a court meeting, a majority of Independent Mandarin Oriental Shareholders who represented more than 75 percent in value of votes cast, voted in favor of the deal. At a special General Meeting, a resolution to amend Mandarin Oriental’s bylaws also passed by a requisite majority.
The transaction will be implemented under Bermuda law, according to Investing.com, which noted that while shareholder approval marks a significant step forward, the acquisition remains subject to several conditions, including completion of the OCB Sale expected by December 31, 2025, and court sanction of the scheme. According to the Business Times, the court’s sanction of the acquisition at a sanction hearing is also pending.
When completed, Mandarin Oriental will be removed from all the stock exchanges on which it is listed, including in Singapore. The company operates 43 hotels, 12 residences and 26 homes across 27 countries and territories, from Hong Kong to New York.