Carnival Responds to Rejection

January 22, 2002
In today’s installment of the ongoing P&O Princess vs. Carnival Corp. saga, the latter has, as promised, responded to yesterday’s rejection of its latest acquisition offer. In a letter, Carnival’s Mickey Arison writes: "I am not surprised by P&O Princess' response, but I am terribly disappointed that the board of P&O Princess is so opposed to the Carnival proposal that its Chief Executive can state that he would not talk to us even if we further increased our already superior proposal. I believe that the board never had any intention of talking to us, regardless of what we offered, and is merely continuing to hide behind their agreement with Royal Caribbean. We have acted in good faith; P&O Princess shareholders will ultimately determine whether their board has acted in their best interests.” Bottom line? The feisty folks at Carnival say they are staying in the game and are busy formulating a new strategy for taking their case directly to P&O Princess shareholders.