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.