Indian Hotels not to make open offer for Orient Express

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Speaking to CNBC-TV18 RK Krishna Kumar , MD, Indian Hotels said that Indian Hotels will not make an open offer for Orient Express .  Indian Hotels had sufficient ground to approach Orient Express, he added.

 

Indian Hotels is upset with the letter from Orient Express. 'Orient express has not necessarily looked at our proposal in entirety', he commented. The letter was full of inaccuracies regarding the way Indian Hotels runs its business and was rude, he said.

The poison pill structure which the Indian Hotels have put in place which could be destroyed if Indian Hotels chose to acquire the 100% of the economic ownership of the company. The 80% of the voting rights, which the management has, could be diluted simply by the economic value of shareholding.

They have no plans for proxy or hostile bid with other shareholders and will decide on further action after Orient Express responds in January, said Kumar.