Orient-Express: Indian Hotels shares up
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 Oct. 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.
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