Indian Hotels Co Ltd, part of the $100-billion Tata Group, expects to decide on its bid to acquire Orient-Express Hotels Ltd by next quarter, Chief Financial Officer Anil Goel said on Monday. It had earlier said it would decide on the bid by March-end. Indian Hotels' board is considering the matter, Goel said.In November, U.S.-listed Orient-Express, which owns the Hotel Cipriani in Venice and the '21' Club in New York, rejected a $1.2 billion unsolicited takeover offer from Indian Hotels as too cheap.Earlier on Monday, Indian Hotels said its June-quarter net profit more than doubled to 97.8 million rupees despite flat sales.
Orient-Express Hotels Ltd.(OEH) is a luxury hotel company and travel operator with exposure to national economies. Shares of OEH remained unchanged at $12.59. In the past year, the shares have traded as low as $8.35 and as high as $13.13. On average, 781619 shares of OEH exchange hands on a given day and today's volume is recorded at 0.
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