The Indian group seeking a takeover of Orient-Express Hotels has hinted that it may be prepared to raise its initial $1.9 billion offer.
Indian Hotels, part of the Tata group of companies, wrote to Orient-Express chairman Robert Lovejoy on Friday.
Its current offer is based on publicly available data but Indian Hotels said it would be pleased “to engage in a constructive dialogue” regarding these issues.
The letter says: “We want to reiterate that Orient−Express Hotels will remain a separate and independent company with standalone management and board of directors, as has been the policy and practice throughout the Tata Group, including in our major acquisitions such as Jaguar/Land Rover and Corus.”
Indian Hotels also called for a meeting with the board of Orient-Express to discuss the offer.
Orient-Express has not responded to the bid other than to say the proposal will be carefully evaluated and the company will respond “in due course in accordance with the best interests of Orient-Express Hotels and its shareholders”.