Cruise Line Puts Itself on the Block
P&O; Princess Cruises has changed course and put itself up for auction, saying Wednesday that it will give shareholders time to study a $4.4-billion bid from Carnival Corp. that it had spurned in favor of a merger with Royal Caribbean Cruises Ltd.
The winner in this three-way tussle will be the world’s biggest cruise ship operator.
In a concession to Miami-based Carnival, Princess has scheduled a shareholders’ meeting for Feb. 14. Six weeks before the meeting, the firm’s board plans to issue a memo urging investors to approve the proposed merger with Royal Caribbean.
If Carnival made a “credible and superior” offer by Jan. 18, shareholders would have time before their meeting to decide between the alternatives, Princess said.
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