| To: Business Editor | For immediate release |
Jardine Matheson Tender Offer Result
25th September 2000 -- Jardine Matheson Holdings Limited today announced that it had received valid tenders for 165,214,964 Shares under the Tender Offer, representing 20.4% of the issued share capital of the Company. The Tender Offer, originally for 100 million Shares, was announced on 3rd August 2000 and was significantly oversubscribed by the first closing date. It was subsequently extended on 4th September 2000 in accordance with its terms to allow for the repurchase of 165 million Shares to meet the oversubscription. Following shareholder approval, the Tender Offer closed on 22nd September 2000.
Under the terms of the Tender Offer, the strike price has been set at US$5.50 per Share. Given that the total of 165,214,964 Shares which have been validly tendered exceeds the 165 million Shares for which tenders were sought, the Directors have decided that the oversubscription of 214,964 Shares should be repurchased under the same terms pursuant to the Directors' general repurchase authority. This will avoid the significant number of shareholders who had tendered at the strike price being scaled back by a small number of Shares. As a consequence, all Shares validly tendered have been accepted.
Percy Weatherall, Managing Director of Jardine Matheson, said, "We are delighted that the Tender Offer has been so well received. The Tender Offer gave shareholders the opportunity to participate directly in the value created by the sale of our stake in Robert Fleming, while at the same time enhancing earnings and net asset value per share through the creation of a more efficient capital structure for the Company. We now look forward to continue working on behalf of shareholders to build our businesses and deliver long-term shareholder value."
The total consideration payable by Jardine Matheson under the Tender Offer is approximately US$909 million. The proceeds payable will be sent on 29th September 2000 to those shareholders who validly tendered Shares in accordance with the terms of the Tender Offer.
Jardine Matheson is a multinational group of seven core businesses focused primarily on the Asia-Pacific region. Its operations employ some 150,000 people and its activities are leaders in the fields of supermarkets, consumer marketing, engineering and construction, insurance broking, motor trading, property and hotels. The Group is building its core businesses largely in Asia Pacific with the goal of enhancing shareholder value for the long term.
For further information, please contact:
| Jardine Matheson Limited Norman Lyle | (852) 2843 8216 |
| Golin/Harris Forrest Sue Gourlay David Dodwell | (852) 2501 7936 (852) 2501 7902 |
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