Orient-Express to reply to Tatas in ‘due course’
The Bermuda-based firm, which owns and manages 45 luxury hotels, restaurants, trains and river cruises, had posted a net loss of $49.92 million, or $0.49 per share, in the same quarter of last year.
“The board of directors of Orient-Express Hotels is evaluating the proposal in consultation with its financial and legal advisors and will respond in due course in accordance with the best interest of the company and its shareholders,” the company said in a statement.
About a week after the unsolicited bid, Indian Hotels vice-chairman RK Krishna Kumar said the group is willing to revise its earlier offer of $12.63 per share after due diligence of Orient-Express Hotels.
Orient Express, listed on the New York Stock Exchange, is expected to revert to the offer by November 9.
The company said it witnessed a strong growth in North America and the Asia-Pacific region, while Europe also recorded a resilient performance despite poor macro-economic conditions. “Despite continuing economic uncertainty in Europe, revenues held up well and same-store RevPAR in local currency was unchanged from last year on a global basis,” said Orient-Express Hotels director and interim CEO Philip Mengel. “In fact, in local currency and excluding the effects of the temporary closure of Copacabana Palace
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