Orient-Express Rebuffs $1.2B Indian Hotels Buyout Offer

Law360, New York (November 8, 2012, 1:58 PM EST) -- The board of luxury hotel owner Orient-Express Hotels Ltd. rejected The Indian Hotels Co. Ltd.'s $1.2 billion takeover offer, saying the deal "significantly undervalues" the company and its assets, Orient-Express said Thursday.

Citing concerns that Orient-Express wouldn't be able to realize its true value with the current global economic woes, conditions in the luxury hotel business and issues unique to the company, Chairman J. Robert Lovejoy said this was a "highly disadvantageous" time to sell.

With the simultaneous announcement naming John M. Scott III chief executive...
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