Princess Cruises Rejects Revised Carnival Offer
P&O; Princess Cruises rejected an increased, $6.8-billion takeover bid from Carnival Corp., saying the No. 1 cruise line’s proposal was unlikely to clear antitrust hurdles, though the price is realistic.
Carnival is the largest operator in the U.S. and Europe, and Royal Caribbean Cruises Ltd., with which P&O; Princess is trying to combine, is No. 2 in the U.S. and has a “relatively small European presence,” London-based P&O; Princess said.
“They are not even acknowledging that the regulatory approvals are difficult,” said P&O; Princess Chief Executive Peter Ratcliffe. “They are leaving all the risks of this situation with our shareholders and taking none themselves.”
On the NYSE, Carnival rose 95 cents to $26.62, and Royal Caribbean fell 5 cents to $17.25.
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