Indian Hotels Company: Outcome of board meeting

Nov 09, 2013, 09.18 AM IST

At a meeting of the Board of Indian Hotels Company held on November 08, 2013, has decided not to pursue the acquisition of outstanding 93.1% Class A Common Shares of Orient-Express Hotels and all contracts that were entered into to facilitate the bid, have all since been cancelled.

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Indian Hotels Company: Outcome of board meeting

At a meeting of the Board of Indian Hotels Company held on November 08, 2013, has decided not to pursue the acquisition of outstanding 93.1% Class A Common Shares of Orient-Express Hotels and all contracts that were entered into to facilitate the bid, have all since been cancelled.

Like this story, share it with millions of investors on M3

Indian Hotels Company: Outcome of board meeting

At a meeting of the Board of Indian Hotels Company held on November 08, 2013, has decided not to pursue the acquisition of outstanding 93.1% Class A Common Shares of Orient-Express Hotels and all contracts that were entered into to facilitate the bid, have all since been cancelled.

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Indian Hotels Company Ltd has informed BSE that at the meeting of the Board of Directors of the Company was held on October 18, 2012, the Board had authorized the Company (IHCL) to, subject to the necessary regulatory approvals, make an offer to the Board of Directors of Orient-Express Hotels Ltd (OEH) seeking their consent for IHCL, through its Wholly Owned Subsidiary, to acquire the outstanding 93.1% Class A Common Shares of Orient-Express Hotels Ltd.Subsequent to the afore mentioned offer made by IHCL to the Board of Orient-Express Hotels Ltd, the Board of the later company had written back to IHCL communicating its inability to consider IHCL's offer as in the view of the Board of Orient-Express Hotels Ltd, it was not an opportune moment for them to consider a sale of their company.Accordingly, at a meeting of the Board of IHCL held on November 08, 2013, after taking into account all factors, the current economic environment as also other opportunities and priorities for the Company, the Board of IHCL has decided not to pursue the afore mentioned transaction and all contracts that were entered into to facilitate the bid, have all since been cancelled. An appropriate amended disclosure is being concurrently filed with the Securities Exchange Commission, USA.Source : BSE

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