Orient-Express Hotels Receives Buyout Offer
Shares of Bermuda-based Orient-Express Hotels surged in trading today after the Indian Hotels Company made an offer for the rest of the company, the NY Times reports.
Indian Hotels Company currently has a 6.9% stake in Orient-Express, and Indian Hotels proposed a deal to buy Orient-Express for $12.63 a share. According to Bloomberg News, Orient-Express rose 38 percent to $12.41 at 10:51 a.m. New York time. The gain was the biggest since the shares began trading in 2000.
Orient-Express operated luxury hotels, tourist trains, river cruises and restaurants in 23 countries.
