Breaking News

You are here » Indian-Commodity  :  Corporate  :  IHCL to sweeten deal for acquiring Orient Express: Reports


IHCL to sweeten deal for acquiring Orient Express: Reports

In a bid to acquire British hospitality group Orient Express, Indian Hotels Company (IHCL) working on a revised offer, has reportedly hiked its offer price by 10-15%. The improvised offer could be more than $15 per share as IHCL readies the backing of an expanded lenders consortium to fund the bid, after Orient Express last month rejected $12.63 a piece offer valuing it at $1.86 billion.

For a third time in row, 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, last month. 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.

IHCL and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces. The Taj Hotels Resorts and Palaces currently has 93 hotels in 55 locations across India with an additional 16 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the Middle East.

Related News

View all news

Maruti Suzuki plans to launch its first ever LCV in FY16

Despite declining sales in the segment, Maruti Suzuki, India's biggest car maker, is planning to launch its first ever light commercial vehicle (LCV) during the ongoing financial year. The company will......

Bharti Airtel unveils Wi-Fi application 'Hangouts'

Bharti Airtel has launched a Wi-Fi application -- Hangouts -- to shift data traffic away from the cellular network to help decongest it and improve services. The apps require a one-time sign-in and can......

VHCL Industries launches new product 'Valpol XE'

VHCL Industries has successfully developed and tested a new product, Valpol XE, a new generation recycled compound, designed for use in HDPE Pipes. This material is compatible for use in various sizes......

Top News

View all news

Near-term growth prospects remain favourable in India: IMF

International Monetary Fund (IMF) in its report 'Global prospects and policy challenges', meant for the G20 meeting of finance ministers in Ankara has stated that near-term growth prospects remain favourable......

HDFC Bank, ITC, Infosys and Syngene International to see some action

HDFC Bank, India's second largest private bank, cut its base rate by 35 basis points to 9.35%, from the existing 9.70 percent, thereby making loans from the bank cheaper. Earlier in June, the bank had......

RBI governor finally buzzes to the demand, hints at rate cut

Reserve Bank of India (RBI) Governor Raghuram Rajan finally hinting for a rate cut has said that inflation has come down to the comfort zone quicker than expected and he is keeping a watch on......