P&O Princess rejected new bid of Carnival
26 January 2002 6:00am
London._ P&O Princess Cruises, the third-largest cruise operator, rejected Carnival Corp´s sweetened hostile bid of US$6.4 billion) and reiterated its plan to buy Royal Caribbean Cruises Ltd instead.
P&O Princess has rejected two Carnival proposals, citing concern the combination would not win regulatory approval in the US or UK. The London-based cruise operator said it will pursue a US$7.4 billion plan to buy Royal Caribbean, which accused Carnival of being a spoiler.
Carnival, the No. 1 cruise line, increased its offer for P&O Princess to 500 pence a share last Thursday after the UK company rejected its initial 450p a share bid in December. Carnival would assume US$1.4 billion of P&O Princess´s debt.
