Acquisition Details - Jardine Matheson Holdings has agreed to acquire the remaining 11.96% stake in Mandarin Oriental for $3.35 per share, which includes $2.75 in cash and a special dividend of $0.60 per share [1][2] - The total consideration for the acquisition values Mandarin Oriental's entire issued ordinary share capital at approximately $4.2 billion, excluding the OCB dividend [2][3] Strategic Context - Jardine Matheson has been the controlling shareholder of Mandarin Oriental, holding 88.04% prior to this announcement, and the acquisition aligns with its strategy for capital allocation across its portfolio in Asia [3][4] - The acquisition will be executed through a scheme of arrangement under section 99 of the Bermuda Companies Act [3] Operational Overview - Mandarin Oriental currently manages 43 hotels, 26 luxury homes, and 12 residences across 27 countries and territories, including major cities like Hong Kong and New York [4] - Jardine Matheson plans to finance the acquisition using cash and committed facilities [4] Market Performance - Mandarin Oriental shares have increased by 37.9% this year, while Jardine Matheson shares have risen by 49.2% [5] - The buyout is expected to close by February 28, 2026, pending the completion of a property sale anticipated by December 31, 2025 [5] Future Plans - Following the acquisition, Mandarin Oriental intends to request the removal of its shares from various stock exchange listings, including the Financial Conduct Authority and the London Stock Exchange [5]

Group 1 - Marriott International, Inc. operates and franchises hotels, residences, timeshares, and yachts globally under several well-known brands [2] - The stock price of Marriott has increased more than three-fold from its lows in March 2020, reflecting a strong recovery in the travel sector [2] - Artisan Partners exited their investment in Marriott after a successful multiyear campaign, highlighting the company's competitive advantages and flexible financial structure [2] Group 2 - Jim Cramer commented on the volatility affecting travel and leisure stocks, noting that Marriott was significantly impacted despite the overall positive trend in the travel industry [1] - The market's reaction to travel stocks, including Marriott, appears irrational given the strong performance of related companies like American Express [1]