Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson's Offer

Nov 17, 2025

∙ Paid

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.

The Trade:

Clean, full Offer.
I see MAND trading around ~2.1%/10.8% gross/annualised, assuming (conservatively) late Jan 2026 payment.
Expect more accretion/recycling to come amid the Jardine complex. All of which benefits Matheson.

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