Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.
SINGAPORE : Jardine Matheson plans to buy additonal 10% stake in JLT
Publish Date : 16-Sep-2011
Jardine Mathesons plans to buy an additional 10 per cent stake in its 30.35 per cent-held listed insurance broker, Jardine Lloyd Thompson Group plc (JLT).
Jardine Matheson said it would spend some 166.27 million pounds ($261.7 million) on buying the extra stake in JLT, which would bring its shareholding in the insurance broker up to 40.35 percent.
The move, the companies said, will strengthen JLT\'s competitive edge as a result of Jardine Matheson\'s strategic support while preserving JLT\'s independence.Jardine Matheson is not seeking additional board representation. It is also not planning any changes to the board composition and company\'s dividend approach.
JLT Independent Directors, consider the terms of the partial offer to be \'fair and reasonable\'. Jardine Matheson has said that JLT is a core strategic investment and that it has no intention of divesting any of its JLT shares.
The partial offer is conditional on Jardine Matheson getting valid acceptance of at least 21.73 million JLT shares. Investment banks Rothschild and UBS advised Jardine Matheson on the deal, while JP Morgan Cazenove and Numis advised JLT.
