Oriental Express to assess ‘hostile’ Tata offer
20 Oct 2012 2:02 AM GMT
US-based Orient Express hotels has termed the USD 1.86 billion acquisition offer by Tata group firm Indian Hotels as 'unsolicited' and said it will evaluate the proposal 'carefully and respond'.
In a statement on its website, Orient Express Hotels said it 'has received an unsolicited letter from The Indian Hotels Company Ltd and certain other members of the Tata group of companies dated 18 October 2012.'
The offer also included ‘an unsolicited proposal by those parties and a fund controlled by Montezemolo & Partners to acquire all outstanding shares of Orient-Express Hotels’.
While it did not spell out its next course, it said: ‘The Board of Directors of Orient Express Hotels Ltd expects to evaluate the proposal carefully and respond in due course in accordance with the best interests of the company.’
In a statement on its website, Orient Express Hotels said it 'has received an unsolicited letter from The Indian Hotels Company Ltd and certain other members of the Tata group of companies dated 18 October 2012.'
The offer also included ‘an unsolicited proposal by those parties and a fund controlled by Montezemolo & Partners to acquire all outstanding shares of Orient-Express Hotels’.
While it did not spell out its next course, it said: ‘The Board of Directors of Orient Express Hotels Ltd expects to evaluate the proposal carefully and respond in due course in accordance with the best interests of the company.’
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