Economic Times- Amid speculations that Indian conglomerate Tatas may soon come out with a takeover bid, the global luxury hotel chain Orient-Express is seeing a rush of hedge fund investors seeking a play in any potential deal.
At least three large hedge funds, including one promoted by billionaire investor Steven Cohen, disclosed over the past week having raised their holdings to more than five per cent each in the NYSE-listed Orient-Express.
In addition, these investors, as well as a few others, are already in the process of further consolidating their holdings in the company in anticipation that an eventual takeover bid would lead to some handsome returns for their investments, according to an investment banker associated with one of such recent deals.
"The buzz here is that Tata group might soon look into consolidating their 11.5 per cent holding into a majority one and any such move would give the hedge funds a handsome return if they decide to tender their shares in favour of the Indian group," the banker said.
