Indian Hotels Company Ltd (IHCL) has restarted efforts to boost its stake in Orient-Express Hotels Ltd, according to two people with knowledge of the matter. The Mumbai-based company has approached Orient-Express about a deal, though discussions are at an early stage and could well fail to lead to an agreement, the people said,
declining to be identified as the deliberations are private. Indian Hotels owns 6.9 per cent of Hamilton, Bermuda-based Orient-Express, whose market value has jumped 32 per cent this year to USD 1.2 billion. Indian Hotels, owner of the Taj Mahal Palace in Mumbai, initially paid USD 211.3 million for a ten per cent stake in Orient-Express in 2007. Two years later, Indian Hotels said it would be 'happy' to boost its investment, though the company is opposed to 'hostile moves', according to a report by George Smith Alexander and Anto Antony, in DNA. Orient-Express had in September 2007 rejected an approach to pursue strategic discussions from Indian Hotels. Orient-Express shares closed at USD 9.87 yesterday in New York trading. They had gained 32 per cent this year as of Monday’s close. Indian Hotels’ stake in Orient- Express was diluted since the 2007 investment, as the New York-listed company completed four stock sales, according to data compiled by Bloomberg. It wasn’t clear how much of Orient-Express Indian Hotels is seeking. Paul White, former Chief Executive Officer, Orient- Express, who rejected Indian Hotels’ approach, resigned from the company’s board in July. Orient-Express owns New York’s 21 Club restaurant and the Hotel Cipriani in Venice, Italy.
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declining to be identified as the deliberations are private. Indian Hotels owns 6.9 per cent of Hamilton, Bermuda-based Orient-Express, whose market value has jumped 32 per cent this year to USD 1.2 billion. Indian Hotels, owner of the Taj Mahal Palace in Mumbai, initially paid USD 211.3 million for a ten per cent stake in Orient-Express in 2007. Two years later, Indian Hotels said it would be 'happy' to boost its investment, though the company is opposed to 'hostile moves', according to a report by George Smith Alexander and Anto Antony, in DNA. Orient-Express had in September 2007 rejected an approach to pursue strategic discussions from Indian Hotels. Orient-Express shares closed at USD 9.87 yesterday in New York trading. They had gained 32 per cent this year as of Monday’s close. Indian Hotels’ stake in Orient- Express was diluted since the 2007 investment, as the New York-listed company completed four stock sales, according to data compiled by Bloomberg. It wasn’t clear how much of Orient-Express Indian Hotels is seeking. Paul White, former Chief Executive Officer, Orient- Express, who rejected Indian Hotels’ approach, resigned from the company’s board in July. Orient-Express owns New York’s 21 Club restaurant and the Hotel Cipriani in Venice, Italy.
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