Carnival, Star Team Up To Buy NCL
Wednesday, February 02, 2000
Carnival Corp. and Malaysia's Star Cruises surprisingly joined forces in a battle to buy Norwegian cruise firm NCL Holding. The two companies dropped a bidding war in favor of Star's lower $1.1 billion share offer for NCL.
Star will stick with its 35 crowns per share bid for NCL, expiring on Feb. 10. Carnival will cancel a planned 40 crowns NCL offer and instead acquire a 40 percent stake in Arrasas Ltd., Star's unit set up to acquire NCL. Star would hold the remaining 60 percent.
Star and Carnival are aiming to oust the current board and appoint lawyer Ole Lund, the former chairman of the Oslo bourse, as the new NCL chairman at a shareholders' meeting on Friday.