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Indian Hotels Company Ltd Makes $1.2 Billion Bid For Orient-Express Hotels Ltd-Reuters

Thursday, 18 Oct 2012 04:38pm EDT 

Reuters reported that Indian Hotels Company Ltd made an unsolicited $1.2 billion bid for luxury hotels group Orient-Express Hotels Ltd. A spokeswoman for Orient-Express could not immediately be reached for comment. Indian Hotels would also assume Orient-Express debt, which stood at $529.5 million at June 30, 2012. Indian Hotels would contribute $650 million in cash while the rest would be funded by other Tata group entities and debt from Bank of America ICICI Bank and Standard Chartered Bank. 

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