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Indian Hotels rises as Orient-Express rejects takeover bid
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Employees of the Taj Palace Hotel walk inside the heritage wing of the hotel in Mumbai August 11, 2010.
Credit: Reuters/Danish Siddiqui/Files
MUMBAI |
MUMBAI (Reuters) - Shares in Indian Hotels Co Ltd(IHTL.NS), controlled by the Tata Group, opened up 2.5 percent on Friday morning after Orient-Express (OEH.N) rejected the Indian company's $1.2 billion unsolicited takeover bid, saying it is too cheap.
"The Indian Hotels proposal ... is deeply unattractive from a financial perspective," Orient-Express Chairman Robert Lovejoy said in a statement late on Thursday.
Indian Hotels shares had fallen sharply after the company announced the bid on October 18, as analysts were worried that the acquisition would worsen the company's debt profile.
Indian Hotels, Orient-Express's second biggest shareholder with a 7 percent holding, said it was considering its options after the rejection.
(Reporting by Aditi Shah; Editing by Jijo Jacob)
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