P&O Rejects Carnival Bid

February 8, 2002

P&O Princess, which yesterday promised to respond to Carnival’s latest acquisition offer -- its fourth -- in “due course” indeed lived up to the pledge and rejected overtures from the hostile suitor once again. In a statement, P&O Princess said that Carnival’s $5.4 billion bid was in-the-ballpark but that it still had concerns over regulatory approval, among other things.
Carnival’s bid is contingent on receiving regulatory approval.
In the meantime, Carnival, which had been courting shareholders in an effort to convince them to back their request to postpone next week’s crucial vote-on-P&O Princess/Royal Caribbean-merger says it has received 20 percent.
Whether or not that will derail Thursday’s shareholders’ meeting is still undetermined.