Jardine Matheson Holdings Ltd Acquisition of JLT Group plc by Marsh & McLennan
September 18 2018 - 3:19AM
Dow Jones News
TIDMJAR
RNS Number : 0937B
Jardine Matheson Hldgs Ltd
18 September 2018
To: Business Editor 18th September 2018
For immediate release
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
Acquisition of Jardine Lloyd Thompson Group plc by Marsh &
McLennan
Jardine Matheson Holdings Limited ("Jardines") refers to the
recommended cash offer ("Offer") that has been announced today by
Marsh & McLennan ("Marsh") for Jardine Lloyd Thompson Group plc
("JLT"), the Company's 40.16%-owned associate.
The Offer of GBP19.15 per share values JLT at approximately
GBP4.3bn (US$5.6bn) on a fully diluted basis and represents a
premium of 33.7% to the closing share price on 17th September 2018.
The Offer is expected to generate net proceeds of approximately
GBP1.7bn (US$2.2bn) for Jardines.
It is proposed that the transaction be effected through a scheme
of arrangement and Jardines has given an irrevocable undertaking to
support the offer in respect of its shareholding in JLT. The
transaction is currently expected to close in Spring 2019, subject
to receipt of the relevant competition clearances and regulatory
approvals. A further announcement will be made in due course.
Jardines has been a long-term shareholder and supporter of JLT
and has played an important part in its success, by ensuring
ownership stability and, particularly in Asia, by directly
supporting the growth of JLT's business. Over the past 20 years,
the management of JLT have successfully created one of the leading
global specialist risk advisers and brokers, generating strong
returns for all shareholders. The combination of JLT with Marsh is
expected to enhance the ability to accelerate the growth of the two
businesses across products, segments and geographies.
The proceeds from the sale of Jardines' shareholding will also
allow Jardines additional flexibility to take advantage of
investment opportunities as they arise in its core sectors and
geographic markets.
- end -
For further information, please contact:
Jonathan Lloyd
Jardine Matheson Limited (852) 2843 8223
Tom Burns
Brunswick (44) 207 404 5959
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCGGUQCBUPRUQR
(END) Dow Jones Newswires
September 18, 2018 03:04 ET (07:04 GMT)
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