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* Carnival finds it astonishing that the board of P&O Princess can assert that Carnival's Offer is clearly not "as favourable financially as the proposed combination with Royal Caribbean." Carnival's Offer of 450 pence per P&O Princess Share is financially superior to, and as deliverable as, the Royal Caribbean Proposal, and represents a 31 per cent. premium to the look through value of 343 pence per P&O Princess Share.
* Carnival believes that there remains significant uncertainty and misunderstanding regarding the exit and termination provisions of the Joint Venture agreement which, based on the analysis in our announcement of 8 January 2002, could result in a cost of up to $484 million, prior to the impact of any financial guarantee(s). Carnival believes that should it receive acceptable clarification of these critical issues, it will be better able to provide P&O Princess Shareholders with both additional value and reduced conditionality in any revised offer.
* P&O Princess continues to state that a merger of the number two and three cruise operators has more chance of regulatory approval than a merger of the number one and three operators. This statement is unsupportable and disingenuous. P&O Princess, Royal Caribbean and Carnival have all publicly stated that the appropriate market in which to evaluate the competitive effects of either transaction is the wider vacation market. Carnival has been advised that in that market, as in the narrower cruise market, both proposals are similarly situated and raise the same antitrust issues.
* Carnival has consistently advocated that it is in the best interests of P&O Princess Shareholders for the two proposals to run side by side until the antitrust review process for both has been completed. Whilst the board of P&O Princess is unwilling to adjourn the EGM, an adjournment can still be achieved if P&O Princess Shareholders propose and vote for such an adjournment at the EGM on 14 February 2002. Carnival has been advised that this course of action will not enable Royal Caribbean to walk away from the proposed DLC combination.
* Carnival encourages P&O Princess Shareholders to demand definitive clarification from its board on the arrangements with Royal Caribbean, particularly with regard to the Joint Venture agreement. P&O Princess Shareholders will be best served by proposing and passing a resolution to adjourn the EGM until after the outcome of the regulatory process for both proposals is known.
Micky Arison, Chairman and CEO of Carnival, commented, ``We still cannot understand why, if their proposal is so attractive, they needed to protect it with such unprecedented poison pills. 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.
``Our offer is already at a 31 per cent. premium to the Royal Caribbean proposal, but we believe that P&O Princess shareholders should have the choice of running both proposals side by side until after the regulatory process is complete. Shareholders can ensure that this happens by adjourning the EGM on 14 February 2002, and we strongly encourage them to do so. Shareholders have everything to gain and nothing to lose by adjourning the EGM.''
I think you may be on to something, with regards to the Bermuda market. I wonder though, how much complaining RCCL will do if Carnivore...err., Carnival controls most of Alaskan waters, with HAL and Princess under their domain? It certainly is an interesting "game of chess". Stay tuned folks, I think the waters are going to get rough!
Regards...Bob
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