In today’s briefing:
- Jardine Matheson’s Underperformance Post Mandarin Offer
Jardine Matheson’s Underperformance Post Mandarin Offer
- Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) announced on the 17th October an Offer for Mandarin Oriental (MAND SP)‘s minorities at US$3.35/share.
- This is a clean, full, “dull” Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.
- Proceeds from the OCB sale will be US$925mn. And taking out MAND’s minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson’s stub ops.
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