Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of hotel company Orient-Express (NYSE: OEH) fell 10% today after it rejected a buyout offer.

So what: The company informed Indian Hotels that its $1.2 billion offer to buy the company was rejected today. Management said the valuation was "deeply unattractive from a financial perspective" because the buyout would be taking place when the stock is at a depressed price.  

Now what: I'm not sure how the buyout offer is worse than the current price of the stock or its performance since mid-2011. Orient-Express clearly isn't even worth what Indian Hotels offered in the eyes of the market. This is why we Foolish investors don't buy on buyout speculation, especially when management can't find a way to unlock value in its own company. I'd be a seller today on the rejected bid news.

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