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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 Research Team / 14:59, May 20, 2015
GPIL reported 13.5% yoy decline in operating profit as the impact of higher volumes was offset by lower product prices