Home News Company in the news

JPMorgan records sought in case alleging 'unfair' Jardine deal

Bloomberg
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
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.