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Tata Sees Orient Express Hotels Bid

Tata-owned Indian Hotels Company Ltd has decided finally to launch a proposal to deal with British luxury chain Orient Express Hotels along with Ferrari boss Luca Cordero di Montezemolo and Paul White. Fascinatingly, White is an ex-chief executive of the New York-listed Orient Express Hotels and had prior opposed an association with the Indian corporation. IHCL announced the bourses that it will be building a bid for 100% shares of Orient Express five years following it acquired a small stake in the London-headquartered hospitality monster. IHCL presently holds about 7% stake and is creating a bid to wipe up the whole outstanding Class A shares at $12.63 a piece, worth Orient Express at approximately $1.9 billion. This signifies 40% premium to the final price of Orient Express on Wednesday. Tata group hospitality units will cut in with the equity involvement. Samsara Properties, a 100% contributory of IHCL, is leading the offer, in which Paul White is a director. Ferrari chief Montezemolo's family fund, Charme II, will give $100 million in equity building it a wide based Indo-European tender for the marquee asset. Outgoing Tata chairman Ratan Tata had once fostered a wish to attain a stake in Ferrari and has venerable ties with the family, which has now escorted to a joint achievement tender for Orient Express. Orient Express has two kinds of equity shares such as Class A and Class B, the former planned on the bourses, while the last is held by an OEH subordinate with unequal voting rights. This still leaves the conquest fight an interesting affair, if the Orient Express board made a decision to stand the Tata move once again. This could mark a huge way out bravo for outgoing Tata chairman Ratan Tata and his close associate Krishna Kumar who changed the salt to Software Corporation through a cord of high profile purchases including Jaguar Land Rover, Corus and Tetley Tea among others.

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