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JPMorgan records sought in case alleging 'unfair' Jardine deal

Bloomberg6/16/2022 06:12 PM GMT+08  • 2 min read
JPMorgan records sought in case alleging 'unfair' Jardine deal
One of Hong Kong’s last remaining British trading houses, Jardine Matheson was the inspiration for James Clavell’s novel “Noble House.” Photo: Bloomberg
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JPMorgan Chase & Co. documents and testimony are being sought in a suit alleging Hong Kong conglomerate Jardine Matheson Holdings Ltd.’s US$5.5 billion ($7.65 billion) buyout of a subsidiary was “coercive and fundamentally unfair” to minority shareholders.

In a filing Wednesday in Manhattan federal court, investors in the subsidiary, Jardine Strategic Holdings Ltd., asked for permission to file a subpoena on JPMorgan. The bank’s JPMorgan Cazenove Ltd. unit was the lead financial adviser to Jardine Matheson when it took the subsidiary private in April 2021.

Minority shareholders, who held about 15% of Jardine Strategic, have previously complained that Jardine Matheson’s offer price represented a US$1 billion discount to the value of their holdings.

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