Indian Hotels Company (IHC), owner of the Taj Hotels, Resorts and Palaces, on Nov. 8 said it is dropping its $1.2 billion bid to buy luxury hotels group Orient-Express Hotels. IHC made its initial bid more than a year ago.
IHC said its board had decided not to pursue the offer after taking into account all factors, including the current economic environment and other opportunities and priorities.
In October 2012 IHC, which is controlled by the Tata Group, made a hostile bid to acquire Orient-Express. Orient-Express rejected the bid last November as undervalued. IHC, which recently reported a quarter net loss of $48 million, had 7 percent stake Orient-Express, but now says it will reduce that holding.
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