Shareholders of Mandarin Oriental approve offer to go private

Jardine Mathesons proposal to acquire the remaining 11.96% shareholding in Mandarin Oriental through its fully owned subsidiary Bidco has been approved by a majority of independent shareholders, according to a filing made on the London Stock Exchange this Monday.

The $4.2 billion privatization deal was initially revealed in October, alongside a joint announcement from Mandarin Oriental and Jardine Matheson about a $925 million transaction to sell the top 13 floors of the Mandarin Orientals One Causeway Bay property in Hong Kong to Alibaba Group and Ant Group. The sale to Alibaba is expected to close by the end of this month.

With this weeks positive shareholder vote, the acquisition of the remaining shares by Jardine Matheson is set to be completed by February 28, 2026, subject to final legal and regulatory approvals.

The offer from Jardine Matheson values Mandarin Oriental shares at $3.35 each, comprising $2.75 in cash and a special dividend of $0.60 per share from the proceeds of the Alibaba office space sale.

Mandarin Oriental currently operates a portfolio of 43 hotels, 12 residences, and 26 homes across 26 countries, as noted on the Jardine Matheson website. Earlier this year, Mandarin Oriental announced a reduction of 430 staff members related to the redevelopment of its Miami property. Additionally, Chief Development Officer Francesco Cefalu emphasized the companys strong focus on expanding its footprint in North America, particularly in the United States.

Sources:

• Mandarin Oriental shareholders approve go-private offer

Author: Grace Ellison
Grace Ellison is a journalist focusing on environmental issues and sustainability. She has experience publishing international reports and participating in documentary projects.