Orient Express says Tata bid being evaluated

Swinging back into profit for the third-quarter with net earnings of about $18 million, luxury hotel chain operator Orient Express on Friday said it was consulting financial and legal advisors on the Tata group’s takeover bid and will reply to the offer in due course.

Bermuda-based Orient Express Hotels, which is listed in the US and operates luxury hotels and trains worldwide, had a net loss of about $50 million in the third quarter last year.

[caption id=“attachment_513500” align=“alignleft” width=“380”]  Bermuda-based Orient Express Hotels, which is listed in the US and operates luxury hotels and trains worldwide, had a net loss of about $50 million in the third quarter last year. Reuters[/caption]

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“Early indications for 2013 bookings across the collection are positive, with bookings for total owned hotels 11% ahead of … last year,” said Orient Express interim CEO Philip Mengel.

Commenting on the $1.86 billion takeover bid from Tata group’s Indian Hotels, the company said: “The board of directors of Orient-Express Hotels is evaluating the proposal in consultation with its financial and legal advisors and will respond in due course in accordance with the best interests of the company and shareholders”.

PTI