Conglomerate Jardine Matheson says group unit’s investors approve $5.5 bln buyout

April 12 (Reuters) – Jardine Matheson Holdings Ltd said on Monday shareholders of Jardine Strategic Holdings Ltd approved its $5.5 billion purchase of the 15% stake it does not already own in the company at a special meeting.

But several shareholders in Jardine Strategic voted against the deal, with some investor planning to apply to a Bermudan court to appraise the value of their shares, the Asian conglomerate said. A large number of investors who voted against the purchase were not shareholders of Jardine Strategic when the deal was announced on March 8, Jardine Matheson said in a statement.

Jardine Strategic is a listed company holding most of the 189-year-old group’s major listed interests.

Jardine Matheson, whose businesses include construction, aviation and automotive, had offered to pay $33 in cash for each share of Jardine Strategic, a premium of 20% to its close before the offer was made.

The company said on Monday that “Jardine Strategic Shareholders have been offered fair value for their shares and (it) is confident that any appraisal process by the Court of Bermuda will confirm this position.”

Reporting by Rashmi Ashok in Bengaluru; Editing by Aditya Soni

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