Indian Hotels Company Bids for Orient Express Hotels
October 2, 2012 - Tata Group-owned Indian Hotels Company (IHC) has launched a takeover bid for luxury hotel chain Orient-Express Hotels in a bid to expand its international presence.
IHC currently holds approximately a 7% stake and is has offered $12.63 per share for the remaining 93% of the US-listed company, according to reports.
This values Orient Express at almost $1.9 billion. This represents 40% premium to the closing price of Orient Express on Wednesday.
The bid was launched after Orient-Express indicated it would “not be interested” in an equity investment.
“We believe this offer is in the best interests of Orient-Express Hotels and its shareholders, and deserves careful consideration by your board of directors,” IHC said in a letter to Orient-Express
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