Investor group seeks changes to Orient-Express Hotels' bylaws

By Lisa Kerner

Charlotte, N.C., Aug. 26 - A group of Orient-Express Hotels Ltd. shareholders led by CR Intrinsic Investors, LLC, in conjunction with D.E. Shaw Oculus Portfolios, LLC and D.E. Shaw Valence Portfolios, LLC, requested the company hold a special general meeting of shareholders.

The investors want shareholders to approve resolutions to eliminate Orient-Express' circular ownership structure in which its wholly owned subsidiary controls the company through ownership of all of its super-voting class B shares, it was reported in two schedule 13D filings with the Securities and Exchange Commission.

CR Intrinsic, Oculus and Valence, with a combined 14.3% ownership interest, requested the meeting through Cede & Co., the holder of their shares, in an Aug. 25 letter to Orient-Express' board.

If Orient-Express fails to call the meeting within 21 days, CR Intrinsic said the investors will convene the meeting.

Orient-Express is a Hamilton, Bermuda-based operator of deluxe hotels, restaurants, tourist trains and river cruise businesses.

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