Indian Hotels shares fall after Orient-Express bid

Written By Unknown on Jumat, 19 Oktober 2012 | 12.44

Shares in Indian Hotels Company Ltd , controlled by the Tata Group conglomerate, dropped as much as 3.8 percent in the early trade on Friday, after the company made an unsolicited USD 1.2 billion bid for luxury hotels group Orient-Express Hotels.

Indian Hotels, which said it was rebuffed by Orient-Express in a recent approach to take a "significant" stake in the company, on Thursday offered USD 12.63 per Orient-Express share, a 40 percent premium.

Indian Hotels shares were down 3.3 percent at Rs 68 at 0347 GMT, while the main Mumbai market index was down 0.2 percent.



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