Carnival Ups Offer for P&O

February 7, 2002
In a move that surprises no one, Carnival made its fourth bid today for P&O Princess, upping its offer to $5.4 billion. This latest offer has a new condition. It requires that shareholders with significant controlling percentages of P&O Princess stock support the bid by pressing for a delay of next Thursday’s meeting. That’s when shareholders are slated to vote on the P&O Princess - Royal Caribbean merger. The newest Carnival offer also, of course, carries the “subject to regulatory approval” condition. P&O Princess has acknowledged the latest bid and says it will respond in “due course.”