Jardine Matheson Holdings Limited has announced a recommended cash acquisition of Mandarin Oriental International Limited, aiming to acquire the remaining 11.96% of shares it does not already own. The acquisition, valued at approximately $4.2b, will be executed through a scheme of arrangement under the Bermuda Companies Act. Concurrently, Mandarin Oriental has agreed to sell the top thirteen floors of One Causeway Bay in Hong Kong to Alibaba Group and Ant Group for $925m.
The acquisition offers Mandarin Oriental shareholders $3.35 per share, including a special dividend of $0.60. This represents a significant premium over recent share prices, with a 52.3% increase over the closing price on 29 September 2025. The acquisition’s financial terms are final, with Jardine Matheson reserving the right to adjust the scheme value if Mandarin Oriental increases its dividend.
The Mandarin Oriental Transaction Committee, advised by Morgan Stanley Asia Limited, deems the acquisition terms fair and reasonable. The committee recommends that independent shareholders approve the acquisition. The acquisition’s completion is contingent upon the sale of One Causeway Bay, expected by 31 December 2025, with the scheme anticipated to become effective by 28 February 2026.
Jardine Matheson plans to finance the acquisition using cash reserves and committed facilities. Shareholder meetings to approve the scheme are scheduled for December 2025, with a circular detailing the acquisition to be published shortly.
