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Orient-Express tells Dubai: Back off
SINGAPORE – – Orient-Express Hotels has snubbed a bid by Dubai Holdings Ltd to hold takeover talks.
In a letter from Orient-Express president and CEO, Paul White, to the Dubai Investment Group, he says, “I acknowledge your recent investment in Orient-Express. As you are fully aware our Board has previously advised you that Orient-Express had no interest in the transaction Dubai Group wished to discuss.
“It has been the view of the Board of Directors that the company’s standalone business strategy provided the best long-term value and opportunities for the company and its shareholders.
“In addition, as you may be aware, the company’s structure gives it the ability to oppose effectively any proposals that it does not believe to be in the best interests of the company and its shareholders. The company will make full use of this authority where appropriate. ”
Dubai Holding LLC, part of the business empire of the United Arab Emirates’ ruling Al Maktoum dynasty, last week reported a 9.2 percent stake in Orient-Express Hotels and said it may consider making an offer to acquire the Singapore-based hotelier.
Dubai Holding is run by Mohammad Al Gargawi, the UAE minister of state for cabinet affairs.
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