Hong Kong-based Mandarin Oriental Hotel Group’s move to become a privately held company has taken a major step forward, according to news from the London Stock Exchange.
On Dec. 8, Mandarin Oriental and its controlling shareholder Jardine Matheson reported through the LSE that a majority of Mandarin Oriental's independent shareholders voted in favor of Jardine Matheson's bid to acquire the remaining stakes in the company it didn't already own, taking the luxury hotel company private.
Voters representing approximately 1.2 billion votes passed the resolution, which was 99.98% of the eligible voting bloc. To pass, the vote in favor needed to be more than 75%.
In October, CoStar News Hotels reported Jardine Matheson, also based in Hong Kong, had started the process of acquiring the remaining 11.96% of Mandarin Oriental through wholly owned subsidiary Bidco.
Shares held by Bidco, which numbered approximately 1.2 billion, could not be represented in this vote, according to the LSE release.
Its $3.35-per-share bid would give Mandarin Oriental a valuation of approximately $4.2 billion. As of the end of June, Mandarin Oriental reported it had equity interests and adjusted net-assets worth of approximately $4.3 billion.
Jardine Matheson said it predicts the company will be fully private by the end of February 2026.
On Nov. 21, during a presentation of its third-quarter 2025 earnings results, Mandarin Oriental said that as of Sept. 30, its “liquidity position remains robust, with $470 million headroom in available committed debt facilities and $316 million of cash reserves.” In the same period in 2024, attributable profit declined by $40 million.
As of mid-June, Mandarin Oriental managed 44 hotels around the world, primarily concentrated in Asia Pacific and Europe.
On Dec. 1, it opened its latest hotel, the Mandarin Oriental, Vienna. The 138-room hotel occupies a former courthouse in a 20th-century building on the city’s famous Ringstrasse.