Jardine Matheson’s plan to acquire the remaining 11.96% stake in Mandarin Oriental through its wholly owned subsidiary Bidco was approved by a majority of independent Mandarin Oriental shareholders, according to a Monday filing on the London Stock Exchange.
The $4.2 billion go-private deal was first announced in October at the same time Mandarin and Jardine Matheson jointly announced a $925 million deal to sell the top 13 floors of Mandarin Oriental’s One Causeway Bay property in Hong Kong to Alibaba Group and Ant Group.
The Alibaba sale is expected to go through by the end of this month. Following this week’s Mandarin positive shareholder vote, Jardine Matheson’s acquisition of the Mandarin stakes is expected to be finalized by Feb. 28, 2026, pending final legal sanctions and regulatory approvals.
Jardine Matheson’s offer for Mandarin Oriental is priced at $3.35 per share and consists of $2.75 in cash as well as a special dividend of $0.60 per share from the sale of the Alibaba office space.
Mandarin Oriental hotel group currently operates 43 hotels, 12 residences and 26 homes in 26 countries, according to the Jardine Matheson website.
In April, Mandarin Oriental announced a 430-person layoff related to the redevelopment of its Mandarin Oriental, Miami property. Meanwhile, Mandarin Oriental Chief Development Officer Francesco Cefalu said in a statement last year that the company was “deeply committed to expanding [its] presence in North America, with a particular focus on the United States.”
