BANGKOK Thai Airways International Plc rejected Starwood s offer to buy its 24% stake in Royal Orchid Hotel Plc because it was too low, according to Bloomberg reports.
Starwood offered last week to buy all of the 93.75 million shares in Royal Orchid, which owns one of Bangkok s best-known downtown hotels, for $62.5 million or $0.67 per share.
Royal Orchid told the Stock Exchange of Thailand that Starwood s offer has already been accepted by three of its main shareholders with a combined 44% stake in the company: Ital-Thai Holding Ltd. with 24%, Michigan Investment Ltd. with 12% and Hong Kong Land Ltd. with 12%. (3/12/01)
SOURCE:Bloomberg News