P&O says no to Carnival again

12 April 2012

CRUISE group P&O Princess has rejected a revised hostile bid from Carnival, the world's largest cruise operator, in favour of an agreed merger with Royal Caribbean.

P&O Princess, which has already rebuffed Carnival twice, said the US firm's latest offer of 509p per share fell short of the deal with Royal Caribbean on both financial grounds and the likelihood of regulatory approval.

It said it would continue to urge shareholders to vote in favour of the tie-up with Royal Caribbean at an extraordinary general meeting scheduled for 14 February.

The world's three biggest cruise operators are engaged in a bid battle to counter the effects of a slump in ticket prices following the 11 September attacks on the United States.

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