Orient-Express Hotels names new CEO and rejects takeover bid
The latest rejection from Orient-Express doesn’t mean it won’t get bought; it could just be a way to bid up the price.
Excerpt from Associated Press
Luxury hotel and tour operator Orient-Express Hotels said Thursday that John M. Scott III has been named president and CEO of the company.
Scott, 47, worked most recently as President and CEO of Rosewood Hotels Resorts, a luxury hotel company. He replaces Philip Mengel, who served as interim CEO for the past six months.
The company also said Thursday that it is rejecting a bid from The Indian Hotels Company Ltd. to buy Orient-Express for $12.63 per share.
Orient-Express said the offer undervalues the company and is not in the best interests of shareholders….the board believes that given the current economic and industry conditions, which have hurt its stock price, it would be a disadvantageous time to sell the company.