Indian Hotels Co. and a fund controlled by Italy's Montezemolo & Partners SpA may increase their buyout offer for Orient-Express Hotels Ltd., according to reports.
Reports stated that the higher bid would be an attempt to entice major shareholders of the Bermuda-based luxury property operator.
Earlier this month, the board of Orient-Express rejected Indian Hotels' unsolicited offer saying in a letter that it was "deeply unattractive from a financial perspective."
India Infoline News Service / 08:49, Aug 22, 2014
The outlook is a positive start with indices set to take initial cues from the global markets. US indices closed higher with S&P 500 at a record high. The Dow and S&P 500 added around 0.3% while Nasdaq gained marginally.