Eager to see its $1.86 billion acquisition offer for Orient-Express (OE) fructify, Indian Hotels has written to Orient Express Hotels Chairman for a personal meeting between Ratan Tata, Chairman of the Tata Group, and Luca Montezemolo, Chairman of Ferrari, and the OE Board of Directors.
In his note sent out on October 26, Krishna Kumar, Vice-Chairman, Indian Hotels, writes that he “wanted to take the opportunity to further explain our motives in seeking to acquire Orient-Express Hotels and to dispel any misunderstandings you may have about our offer and our goals with respect to the company.”
‘Constructive dialogue’
Stating that “we have only had access to public information...” Krishna Kumar said the Tata group firm “...would be pleased to engage in a constructive dialogue.”
“We have long understood that historically you were hesitant to meet with us because we have never put a firm offer on the table,” Krishna Kumar states.
He added, “We have now put together an attractive, fully-financed offer, with a 40 per cent premium to the market price.”
James Golden from the company which is working with Indian Hotels, Joele Frank, Wilkinson Brimmer Katcher, confirmed to Business Line that the joint filing by The Indian Hotels Company Ltd, Samsara Properties Ltd and Paul White had been sent to the US SEC on October 26.
New CEO
A new CEO for Orient-Express Hotels could be announced next week, which could complicate the efforts by Indian Hotels to acquire the luxury hotel chain