NCL Turns Down Carnival's $1.7B Takeover Bid

Thursday, December 02, 1999
NCL Holding ASA flatly rejected a 30 crown ($3.72) per share takeover offer from Carnival Corp, saying it undervalued the group's potential. NCL officials said it would be a waste of time to even meet Carnival given the offered price. Carnival, the world's largest cruise operator, whose lines include Cunard and Holland America, launched the surprise bid for NCL, the fourth largest operator, on Dec. 1. The bid values NCL at $884 million. Carnival would also assume NCL debts, raising the value of the transaction to $1.7 billion.

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