In today’s briefing:
- Mandarin Oriental (MAND SP): Vote on Jardine Matheson’s Scheme Offer on 8 December
- Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson’s Offer
Mandarin Oriental (MAND SP): Vote on Jardine Matheson’s Scheme Offer on 8 December
- The vote on Mandarin Oriental International (MAND SP)’s privatisation offer from Jardine Matheson Holdings (JM SP) (US$2.75 cash + US$0.60 special dividend) is on 8 December.
- While the OCB sale completion (a scheme condition) carries timing risk, the Board continues to expect to complete the OCB sale by 31 December.
- The offer is conceivably light as Jardine’s dividends from the OCB sale comfortably cover the scheme cost. However, the offer remains reasonable on several fronts, and the vote is low-risk.
Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson’s Offer
- Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) is seeking to privatise Mandarin Oriental (MAND SP) at US$3.35/share by way of a Scheme.
- The Offer Price is a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Clean deal. And MAND has consistently traded tight to terms.
- The Scheme Doc is now out for MAND. The Court Meeting is the 8th December. As with Jardine Strategic Holdings (JS SP)‘s 2021 takeover, there is no independent assessment report.
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