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November 8, 2012
11:56 EDTOEHOrient-Express says $12.63/share offer 'significantly undervalues' company
Orient-Express announced that its Board has unanimously determined that the unsolicited proposal from The Indian Hotels Company Limited and certain affiliates and third parties to acquire all of the outstanding shares of Orient-Express for $12.63 per share in cash. The company said the offer "significantly undervalues Orient-Express and its unique assets and is not in the best interests of Orient-Express and its shareholders," adding, Importantly, the Board believes the current macroeconomic environment, conditions in the luxury hotel business and factors unique to Orient-Express would make this a highly disadvantageous time to sell the Company to realize its true value. Orient-Express has exciting prospects and an unrivalled collection of one-of-a-kind luxury properties that it is taking concerted actions to optimize."
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