Carnival Raises Bid for Princess Cruises
Carnival Corp. raised its hostile offer for P&O; Princess Cruises by 12% to $6.4 billion. P&O; Princess said it would consider the new bid.
The new bid of 71 cents a share is made up of 36 cents in cash and 0.138 Carnival shares. The offer is higher than its original bid of 65 cents a share made in December. Carnival also would assume about $1.4 billion of debt.
P&O; Princess may now be forced to talk with Miami-based Carnival, investors said. London-based P&O; Princess has so far rejected Carnival, saying a combination would be subject to more antitrust scrutiny than a deal it has to buy Royal Caribbean Cruises Ltd. for $7.4 billion.
On the NYSE, Carnival rose 40 cents to $26.46, Royal Caribbean fell 56 cents to $16.19, and P&O; Princess Cruises rose 25 cents to $24.16.
Sign up for The Wild
We’ll help you find the best places to hike, bike and run, as well as the perfect silent spots for meditation and yoga.
You may occasionally receive promotional content from the Los Angeles Times.
