Business Services Industry
Carnival Corp. Gives Up Bid for Cruise Line.
Knight Ridder/Tribune Business News, December, 1999 by Corzo, Cynthia
Knight Ridder/Tribune Business News
Dec. 17 -- Carnival Corp., the world's largest cruise operator, Thursday gave up its efforts to take over rival Norwegian Cruise Lines.
Shortly after Star Cruises of Hong Kong boosted its stake in NCL to 39.3 percent, Carnival announced it will let its $1.7 billion hostile bid expire.
In the past two days, Star Cruises, Asia's biggest cruise operator, bought 97.9 million shares of NCL at prices above the 30 kroner that Carnival had offered.
Carnival needed a majority of NCL's shareholders to tender their shares by Dec. 22 for its bid to succeed. Now, the largest share of stock is controlled by either NCL's board -- which owns 27 percent -- or by Star Cruises, and both say they think Carnival's...
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