RCI Responds to Bid

December 20, 2001

The tangled triangle continues as Royal Caribbean has responded to Carnival’s hostile-style acquisition last week of P&O Princess -- reaffirming its commitment, which is no surprise -- by offering its own statement. Which reads as such:
Says Richard Fain, Chairman and Chief Executive Officer of Royal Caribbean, "Royal Caribbean supports P&O Princess' decision to postpone their EGM, in order to give its shareholders time to fully consider their alternatives. I am convinced that the merger we have agreed with P&O Princess will provide both sets of shareholders the greatest long-term value going forward, and that P&O Princess shareholders will recognize that the transaction with Royal Caribbean is superior in all respects to the takeover proposal from Carnival."
Stay tuned as events -- just as winter winds blow unpredictably -- will no doubt change over the next month.