Indian Hotels, the owner of the Taj Group, has decided not to go ahead for now with its hostile takeover of the NYSE listed Orient Express. Raymond Bickson, managing director & chief executive officer, Indian Hotels told CNBC-TV18, "The market is not right or ripe for us to do something we have not already done.”
When asked if Indian Hotels had communicated this to Orient Express, Bickson said, "It would be done so in due course of time."
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".
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