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Tata has started a bidding war over Orient Express Hotels

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Published on 23/10/12 - Updated on 17/03/22

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Indian Tata Group, already owner of a 6.9% stake in Orient Express Hotels, has launched a buyout offer worth $1.86 billion for the remaining 93.1% of the shares. Two British investors are considering topping the offer and commencing a bidding war.

The Bristish press has commented on the reaction of UK tycoons David and Simon Reuben, who control 6.2% of Orient-Express. They consider the Tata Group’s proposal to be undervalued and are ready for a counteroffer at US$16 a share, a global investment of more than $2.4 billion.Indian Hotels Co, the subsidiary of the Tata Group which made the offer, is reportedly backed by the founder of Orient Express, James Sherwood, still a large shareholder in the company.Tata has partnered with Charme II, a private equity fund managed by Montezemolo & Partners, Rome, which is supporting the deal up to US$100 million.

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