Tata Group Drop $1.9bn Bid For Orient-Express
After a long drawn out battle, Tata group hospitality chain Indian Hotels Company [IHCL] have scrapped their $1.2-billion bid for Bermuda-based luxury hotel chain Orient-Express.
Orient-Express has 45 properties across 22 countries. These properties include hotels, tourist trains, restaurants and cruise ships. IHCL owns 6.9% stake in Orient Express.
In October 2012, the Tatas made another offer for the company, at $12.63 a share, which was promptly rejected by the Orient-Express board.
The Wall Street Journal reported that, “Indian Hotels was considering raising its bid but couldn’t get around laws in Bermuda, where boards have a final say in buyout decisions. This is different than from the U.S. and other countries, where shareholders can override a board’s wishes.”
