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P&O drops anchor in takeover bid wrangle
20 Dec 2001 . BY ....
P & O Princess Cruises is navigating a choppy passage between a £3.2bn takeover proposal by Carnival Corporation and a £4.2bn merger transaction with Royal Caribbean Cruises, but has announced it is prepared to postpone an EGM until 14 February to give the Board and shareholders more time to access the situation.

After launching a hostile bid for P&O Princess, Florida-based Carnival received an initial rebuttal from P&O, which said it would not defer an EGM scheduled for January. Our response to Carnival is based on two clear criteria - value for our shareholders and deliverability. Their proposal falls short on both counts, said Peter Radcliffe, chief executive officer of P&O Princess.

However if Carnival makes an offer before18 January, that the P&O Board believes is 'credible and superior' then both alternatives can be considered with the Board's recommendation before the EGM.

Peter Radcliffe, said today that the company must be certain it is not jeopardizing its merger with Royal Caribbean in return for a proposal that turns out to be a spoiling tactic designed to disrupt the creation of significant value for P&O Princess' shareholders.

Shareholders will receive a circular before the end of December recommending the approval at an EGM on 14 February of the merger with Royal Caribbean.

The timetable we have set in place today both honours our agreement with Royal Caribbean and still gives time for Carnival to put forward a credible, deliverable and more valuable transaction. said Peter Radcliffe.

The merger of P&O and Royal Caribbean would create the world's biggest cruise ship operator based on number of berths, bringing substantial savings at a time of depressed demand for cruising holidays.

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Jobs   News   Products   Magazine
PRODUCT NEWS
P&O drops anchor in takeover bid wrangle
20 Dec 2001 . BY ....
P & O Princess Cruises is navigating a choppy passage between a £3.2bn takeover proposal by Carnival Corporation and a £4.2bn merger transaction with Royal Caribbean Cruises, but has announced it is prepared to postpone an EGM until 14 February to give the Board and shareholders more time to access the situation.

After launching a hostile bid for P&O Princess, Florida-based Carnival received an initial rebuttal from P&O, which said it would not defer an EGM scheduled for January. Our response to Carnival is based on two clear criteria - value for our shareholders and deliverability. Their proposal falls short on both counts, said Peter Radcliffe, chief executive officer of P&O Princess.

However if Carnival makes an offer before18 January, that the P&O Board believes is 'credible and superior' then both alternatives can be considered with the Board's recommendation before the EGM.

Peter Radcliffe, said today that the company must be certain it is not jeopardizing its merger with Royal Caribbean in return for a proposal that turns out to be a spoiling tactic designed to disrupt the creation of significant value for P&O Princess' shareholders.

Shareholders will receive a circular before the end of December recommending the approval at an EGM on 14 February of the merger with Royal Caribbean.

The timetable we have set in place today both honours our agreement with Royal Caribbean and still gives time for Carnival to put forward a credible, deliverable and more valuable transaction. said Peter Radcliffe.

The merger of P&O and Royal Caribbean would create the world's biggest cruise ship operator based on number of berths, bringing substantial savings at a time of depressed demand for cruising holidays.

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Seth Mattison to deliver keynote speech at ISPA Talent Symposium
“If you want to be a leader today, you have to love people,” says upcoming ISPA Talent Symposium keynote Seth Mattison.
Iyashi Dôme: the original Japanese sauna
In 2004, Shogoro Uemura, CEO of Iyashi Dôme, was inspired by his father’s work to create a new treatment protocol based on the Japanese tradition of sand bathing.
Soleum Spa combines thalassotherapy and sauna with new relaxation concept
Soleum Spa, an Austria-based steam bath specialist, has developed a new healing and relaxation concept that combines thalassotherapy with a more traditional sauna experience.
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Cooling me softly: SnowRoom offers ultimate feel-good factor
Nothing electrifies the senses and sparks emotions like encountering fresh snow.
Smiley Poswolsky to deliver keynote speech at ISPA Talent Symposium in April
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Noel Asmar on why sustainability is good for business
Noel Asmar, founder of premium designer Noel Asmar Uniforms, has a message for health and wellness professionals: “Sustainability is good for business.”
Collaborative success sees Spa Vision and Kurland offfer unique experiences
For more than ten years, leading spa consultants, Spa Vision have worked in parrtnership with Kurland to deliver exceptional experiences across wellness, spa and health
New ESPA Positivity blend provides a 'burst of happiness'
ESPA, a skincare brand specialising in natural and wellbeing products, has expanded its line of Signature Blends for the first time since the company was founded in 1992.
Naval architect launches solar-powered floating pods
Naval architect Jean-Michel Ducancelle has designed a solar-powered floating hotel suite aimed at offering an eco-friendly and nomadic place for travellers to stay.
+ More products   
 
COMPANY PROFILES
Spa Bureau

United by a common philosophy, vision, and values, we provide practical business solutions for th [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

VIDEO GALLERY

Book4Time Overview
Book4Time is a global leader in cloud-based wellness and activity booking software for Spas, Hotels & Resorts and the Beauty industry. Find out more...
+ More videos  

DIRECTORY
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DIARY

 

24 Feb 2020

Global Beauty & Wellness Exchange

Montage Palmetto Bluff, Bluffton, United States
02-03 Mar 2020

Quality in Wellness and Spa

IHK Potsdam, Potsdam, Germany
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media, Portmill House, Portmill Lane,
Hitchin, Hertfordshire SG5 1DJ Tel: +44 (0)1462 431385

©Cybertrek 2020

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
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LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS