Indian Hotels has been trying to acquire Orient Express since 2007. In November 2012, Orient Express had termed Indian Hotels‘ USD 1.2 billion unsolicited bid as "too cheap".
Indian Hotels offer for acquiring US-based Orient Express may lapse as the Indian company did not modify offer price within stipulated time, sources say.
In November, US-listed Orient-Express, which owns the Hotel Cipriani in Venice and the '21' Club in New York, rejected a USD 1.2 billion unsolicited takeover offer from Indian Hotels as too cheap.
Indian Hotels' shares rose 2 percent in morning trade on Tuesday after the luxury hotels operator reported a 28 year-on-year rise in third quarter standalone net profit and said it would review its options over its bid for luxury hotels to trains operator Orient Express Hotels by the end of the current financial year.
Tata Group firm Indian Hotels Company (IHCL) today said it is reviewing the rejection of its takeover bid by the luxury hotels chain Orient-Express (OEH) board and is considering their options with respect to their offer to acquire OEH.
It could be third time unlucky for Indian Hotels as rival Orient Express, which operates luxury hotels and trains has turned down its acquisition bid yet again.
Luxury hotels operator Indian Hotels wants to reduce its dependence on the Indian market and expand its footprint overseas to generate at least 40 percent revenue from outside the country in the future.
Swinging back into profit for the third-quarter with net earnings of about USD 18 million, luxury hotel chain operator Orient Express today said it is consulting financial and legal advisors on the Tata group's takeover bid and will reply to the offer in due course of time.
Shares of Tata group owned Indian Hotels tumbled over 5% on Friday morning as investors questioned the luxury hotel operator's latest attempt to bid for US-listed Orient Express Hotels, which will cost over USD 1 billion.
Tata-group firm Indian Hotels Company on Thursday said it will make an offer to acquire US-based Orient Express Hotels, which owns a chain of luxury hotels in US and Europe.
Indian Hotels Company that operates the Taj brand of hotels and resorts has no immediate plan to take over the New York-based luxury hotel Orient-Express, though it will look at options as it is a long-term investment, Tata Group chairman Ratan Tata today said.