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Indian Hotels offer to buy the Orient-Express luxury brand is met with a "no"
Orient-Express Hotels Group has turned down the surprise buyout offer from Tata Groups’, Indian Hotels Company, saying the proposed $1.2 billion price tag was not enough and came at an inappropriate time.
Though Orient-Express said they would take three weeks to decide, they made the decision earlier, stating, The Indian Hotels proposal “..is deeply unattractive from a financial perspective," said Orient-Express Chairman Robert Lovejoy. Further, "The board believes the current macroeconomic environment, conditions in the luxury hotel business and factors unique to Orient-Express would make this a highly disadvantageous time to sell the company to realize its true value."
Indian Hotels’ initial offer was $12.63 a share for stocks (a 40% premium). Meanwhile OEH closed yesterday at $10.55 a share.