Business Services Industry
P&O Princess/Carnival Proposed DLC
Mondaq Business Briefing, October, 2002
International law firm Freshfields Bruckhaus Deringer has been acting for P&O Princess Cruises plc in relation to its recent negotiations with Carnival Corporation.
Negotiations culminated last Thursday evening with the announcement by Carnival of its DLC (dual listed company) proposal with a partial share offer, followed on Friday by the withdrawal by P&O Princess of its recommendation for the competing DLC proposal with Royal Caribbean.
The new Carnival proposal effectively values P&O Princess at approximately pound sterling3.5bn. Depending on the extent to which the partial share offer is accepted, between 21 and 26 per cent of the economic and voting interest in the DLC would be represented by P&O Princess shares. If Carnival's DLC proposal is accepted...
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