Carnival revises P&O offer

February 1, 2002
Carnival Corp. has revised its offer for P&O -- Carnival’s third attempt at acquiring that cruise line. While there’s minimal difference in Carnival’s cash bid, the new proposal removes some of the conditions of its offer, such as arranging necessary financing in advance, need for complete financial info of P&O Princess and canceling its February 14 shareholder meeting when P&O shareholders are slated to vote on the merger between it and Royal Caribbean.
A Carnival spokesman was quoted as saying “It is a firm and formal offer” -- though reading between the lines there’s no mention of it being a final offer.
P&O Princess execs are “considering the offer.”