Backing out: Indian hotels abandons $1.2b bid
This marks its second unsuccessful attempt to purchase the Bermuda-based luxury global chain.
NEW DELHI:
Indian Hotels, an arm of the giant Tata Group, has abandoned a $1.2-billion offer to buy Orient-Express Hotels, marking its second unsuccessful attempt to purchase the Bermuda-based luxury global chain. Indian Hotels Co Ltd (IHCL) made the unsolicited offer last October for Orient-Express, whose name comes from the iconic trans-European train, as it sought to boost its global hospitality presence. The decision not to pursue the offer took into account “the current economic environment and also other opportunities and priorities for the company”, Indian Hotels said late Friday.
Published in The Express Tribune, November 10th, 2013.
Indian Hotels, an arm of the giant Tata Group, has abandoned a $1.2-billion offer to buy Orient-Express Hotels, marking its second unsuccessful attempt to purchase the Bermuda-based luxury global chain. Indian Hotels Co Ltd (IHCL) made the unsolicited offer last October for Orient-Express, whose name comes from the iconic trans-European train, as it sought to boost its global hospitality presence. The decision not to pursue the offer took into account “the current economic environment and also other opportunities and priorities for the company”, Indian Hotels said late Friday.
Published in The Express Tribune, November 10th, 2013.