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Carnival hints at raised Princess bid

12 April 2012

CARNIVAL Cruises has raised expectations that it will sweeten its £3.2bn offer for P&O Princess. But the company said it wanted more clarity on the 'poison pills' inserted in the British group's proposed merger with Royal Caribbean.

Carnival chief executive Micky Arison said: 'Given the continuing intransigence of the board of P&O Princess, it is up to shareholders to demand definitive clarification of the arrangements with Royal Caribbean, to enable Carnival to improve its already superior offer.'

Shareholders expect Carnival to raise its bid from 456p to at least 500p before an extraordinary general meeting on 14 February at which Princess shareholders must vote on the Royal merger. Carnival is not concerned about this Friday's deadline for an improved bid set by Princess, as it can simply go straight to shareholders.

The Association of British Insurers is expected to discuss the ramifications of Princess's use of 'poison pills' today.

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Festive Events (including Carnivals)