A shareholder group wants the company to formally consider entering into a settlement modifying its corporate-governance structure. The group includes CR Intrinsic Investments, Steven A. Cohen, D.E. Shaw Oculus Portfolios and D.E. Shaw Valence Portfolios. The group said the settlement would include cancellation of the company's Class B shares, and the establishment of a classified board under which only one-third of its members would be required to stand for election at each annual meeting. The group owns 6,053,678 shares (11.9%).

A group of Orient-Express Hotels shareholders want the company to convene a special meeting of shareholders to vote on certain resolutions that would eliminate the hotel chain's circular ownership structure. Under that structure, a wholly owned unit of Orient-Express controls the company through ownership of all of its super-voting Class B shares. The group, including CR Intrinsic Investments, Steven A. Cohen, and D.E. Shaw & Co., owns 6,053,670 shares (14.3%).

Investment firm D.E. Shaw & Co. intends to deliver "a requisition" to Orient-Express Hotels, and is calling for a special meeting to let shareholders decide if the company's current governance structure needs to be revised. D.E. Shaw is "unaware of any other company whose supervoting shares are held by the company itself and not by a third party with an economic interest in the issuer of such supervoting shares." It also said it has "never seen a more unresponsive corporate-governance structure," and that the board should welcome the opportunity to ascertain the views of shareholders on such a fundamental issue. D.E. Shaw currently holds 3,218,678 shares (7.6% of the total outstanding).

Investment firm D.E. Shaw & Co., which previously expressed concern over OEH's corporate-governance structure, raised its stake to 3.22 million Class A shares (7.6%), from the 2,431,218 (5.7%) reported in February. In February, Shaw was concerned with OEH supervoting Class B share rights, and whether owners of OEH Class A stock can hold a definitive, binding vote regarding merger or sale of OEH, if a proposal is made.

Orient Express (OEH) was upgraded at UBS. Rating raised to Buy from Neutral. Maintains 2008 EPS estimates of $1.36 and $57 price target.

D.E. Shaw & Co. is concerned about the rights of Orient-Express' super-voting class B shares and whether owners of class A stock will have the opportunity to hold a definitive vote regarding a merger or sale of the company, should a proposal be made. D.E. Shaw reported holding 2,431,218 shares (5.7%).

Orient-Express (OEH) was upgraded to Buy rating from Neutral at UBS. Price target and FY 2008 eps estimates hold at $61.50 and $1.67, respectively.

Dubai Holding, part of the business empire of the United Arab Emirates' ruling al Maktum dynasty, said it may consider making an offer to acquire the Singapore-based hotelier. Dubai Holding, which is run by Mohammad al Gargawi, the UAE minister of state for cabinet affairs, said it began acquiring Orient-Express shares in order to prevent another shareholder, Indian Hotels Co., from acquiring a significant stake in the company. Dubai Holding currently has 3,911,611 shares (9.2%).

Owns priceless luxury hotels

Upgraded by UBS from Neutral to Buy