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P&O Princess rejects improved Carnival offer
P&O Princess has turned down Carnival’s improved bid and intends to push ahead with its merger with Royal Caribbean Cruises.
Carnival said last Thursday that it was prepared to increase its offer to 500 pence per P&O Princess share. But P&O decided this still wasn’t enough to warrant ditching its planned tie-up with Royal Caribbean.
One of the key reasons why P&O Princess turned down the Carnival offer is because it considers it is less likely to get regulatory approval than a merger with Royal Caribbean. Carnival is currently the world’s largest cruise operator.
The P&O board says it continues to recommend shareholders to vote in favour of the plans on February 14 – Carnival has been urging P&O shareholders to vote for an adjournment.
Chief executive Peter Ratclilffe said: “We made it clear when Carnival made its initial proposal that our response was based on two simple criteria – value for our shareholders and deliverability. The revised proposal still falls short on value and adds nothing on deliverability. The timetable provided them with every opportunity to come forward with a realistic proposal; they have chosen not to do so.
“I believe that our combination with Royal Caribbean provides a unique opportunity for P&O Princess to accelerate value creation for our shareholders. It is now time for us to move on and focus on delivering these benefits to our shareholders.
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