Tata Group firm Indian Hotels Company (IHCL) on Friday 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.
Shares of IHCL, after rising over 3 per cent in morning trade, pared gains to close at Rs 63.65, almost flat over yesterday's (on Thursday) close.
Orient Express yesterday rejected the "unsolicited" $1.86-billion buyout offer by the Tatas, saying the bid significantly undervalues the New York-based company.
"After thorough consideration, and in consultation with independent financial and legal advisors, our board has unanimously concluded that your proposal significantly undervalues Orient-Express and its future prospects," Orient Express chairman J Robert Lovejoy said in a letter to Indian Hotels Company vice-chairman
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