Orient-Express Hotels – OEH – Proposal by parties to acquire its all outstanding shares
Orient-Express Hotels Ltd. (NYSE:OEH) confirmed that it has received an unsolicited letter from The Indian Hotels Company Limited (IHCL) and certain other members of the Tata group of companies dated October 18, 2012 , and included in IHCL’s SEC Schedule 13D/A filing of the same date, with an unsolicited proposal by those parties and a fund controlled by Montezemolo & Partners to acquire all outstanding shares of Orient-Express Hotels Ltd.
The Board of Directors of Orient-Express Hotels Ltd. expects to evaluate the proposal carefully and respond in due course in accordance with the best interests of the Orient-Express Hotels Ltd. and its shareholders.
About Orient-Express Hotels Ltd. – OEH
Orient-Express Hotels Ltd. (OEH) is a luxury hotel company and travel operating Company. As of December 31, 2011, the Company owns or part-owns 49 properties (all of which it manages), consisting of 40 individual deluxe hotels, one stand-alone restaurant, six tourist trains and two river/canal cruise businesses. These are located in 24 countries worldwide.
During the year ended December 31, 2011, its Hotels and restaurants division represents 86% of total revenues of the Company. The Tourist trains and cruises business accounted for 13% of the total revenues during 2011. As of December 31, 2011, OEH’s worldwide portfolio of hotels consisted of 3,510 individual guest rooms and multiple-room suites, which are known as keys. On August 1, 2011, the Company sold its Hotel de la Cite property. On January 25, 2012, it sold Keswick Hall in Charlottesville, Virginia. As of December 31, 2011, 111 units at Porto Cupecoy was sold. Orient-Express Holdings 1 Ltd. is OEH’s wholly owned subsidiary.
About The Indian Hotels Company Limited – IHCL
The Indian Hotels Company Limited (IHCL), together with its subsidiaries and its jointly controlled entities is primarily engaged in the business of hoteliering. IHCL operates in two segments: hoteliering and others, which consists of air catering and investing activities. As of March 31, 2012, the inventory of the Taj Group of Hotels stood at 112 hotels with 13,629 rooms. During the fiscal year ended March 31, 2012 (fiscal 2012), it launched five Vivanta by Taj hotels at Srinagar, Yeshwantpur -Bengaluru, Coimbatore, Begumpet – Hyderabad and Bekal – Kerala, launched one The Gateway Hotel – Gir Forest. Benares Hotels Ltd., Taj Enterprises Ltd., Taj Trade & Transport Co. Ltd., Inditravel Ltd., Ideal Ice & Cold Storage Co. Ltd., Taj Rhein Shoes Co. Ltd., Northern India Hotels Ltd. and Piem International (HK) Ltd. became subsidiaries of it during fiscal 2012. During fiscal 2012, it acquired an additional 5.36% interest in Piem Hotels Limited consolidating its total holdings to 51.57 %.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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