A day after US luxury hotel chain Orient Express snubbed the fresh hostile takeover bid by Tata Group's Indian Hotels, the company's share touched an intra-day high of Rs. 65.2 on Friday, a rise of 2.68% over the previous close, before ending flat when the company indicated that it may well revise the offer.
Shares of Indian Hotels closed at Rs. 63.5 on Bombay Stock Exchange on Friday - the same as Thursday.
The scrip had jumped after the news that Orient Express had rejected the $1.2-billion takeover bid by Indian Hotels, indicating that Indian shareholders would not be burdened with the takeover. The stock has declined by more than 10% since the company announced the takeover bid for Orient Express.
On Thursday Orient Hotels said it had rejected the Indian Hotels' offer because it undervalued the Bermuda headquartered company.
Indian Hotels said on Friday that it is "reviewing the position taken by the Orient-Express Board and considering their options with respect to their offer to acquire Orient-Express."