For a third time now, Orient Express, owner of New York’s 21 Club restaurants and the Hotel Cipriani in Venice, Italy, rejected takeover bid by Indian Hotels Company, reasoning the bid undervalues the company. Indian Hotels, in collaboration with fund controlled by Italy's Montezemolo & Partners, last month offered to buy the 93.1 percent of stake in Orient-Express for an amount of $12.63 per share.
Meanwhile, Indian Hotels already holds around 7 percent stake in Orient Express. Indian Hotels, a unit of Tata Group that has interests ranging from steel to software, currently is reported to be evaluating its options after the rejection.
Indian Hotels Company reported net loss of Rs 6.36 crore for second quarter ended September 30, 2012 quarter as compared to a net profit of Rs 8.35 crore for the same quarter in the previous year. However, total income of the company has increased by 7.13% at Rs 404.97 crore for quarter under review as compared to Rs 378.01 crore for the quarter ended September 30, 2011.
| Company Name | CMP |
|---|---|
| Indian Hotel | 659.55 |
| ITC Hotels | 162.45 |
| EIH | 321.55 |
| Chalet Hotels | 778.90 |
| Mahindra Holi.&Resor | 272.70 |
| View more.. | |
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