| No hostile bid for Orient-Express: Krishna Kumar |
| BS Reporter / Mumbai October 29, 2007 |
| Indian Hotels has no plans of making a hostile bid for Orient-Express Hotels that owns New York's 21 Club restaurant, vice chairman R K Krishna Kumar said today. Dubai Holding, an investment firm of the Dubai government, had threatened to come out with an open offer for Orient-Express Hotels if the Tata group acquired a significant stake in the hotel chain. The threat came exactly a month after Indian Hotels bought 10% and expressed interest in striking a deal, which was turned down by Orient-Express. Dubai Holding expressed its interest to launch a counter-offer in a filing with the Securities and Exchange Commission last week. Dubai Holding said it has began acquiring the shares of Orient-Express in order to prevent the other shareholder (Indian Hotels Company) from acquiring a significant stake in the company. Industry sources said the Dubai group |
