Carnival Raises Bid for Princess Cruises
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Carnival Corp. raised its hostile offer for P&O; Princess Cruises by 12% to $6.4 billion. P&O; Princess said it would consider the new bid.
The new bid of 71 cents a share is made up of 36 cents in cash and 0.138 Carnival shares. The offer is higher than its original bid of 65 cents a share made in December. Carnival also would assume about $1.4 billion of debt.
P&O; Princess may now be forced to talk with Miami-based Carnival, investors said. London-based P&O; Princess has so far rejected Carnival, saying a combination would be subject to more antitrust scrutiny than a deal it has to buy Royal Caribbean Cruises Ltd. for $7.4 billion.
On the NYSE, Carnival rose 40 cents to $26.46, Royal Caribbean fell 56 cents to $16.19, and P&O; Princess Cruises rose 25 cents to $24.16.
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