NCL Holds Talks With Hostile Bidder Carnival

Monday, December 13, 1999
NCL Holding ASA officials reported that the company has had held talks with Carnival Corp., which launched a hostile takeover bid for the company. NCL officials declined to comment on the discussions, saying that they will discuss the issue if there is something to announce. NCL officials had previously described Carnival's 30 crowns ($3.75) per share offer as "a waste of time" and refused to meet with executives from the world's leading cruise operator when they visited Oslo a week ago. Carnival's offer totals approximately $1.7 billion, including debt. However, there has reportedly been a change of heart after Carnival dropped demands that NCL should accept 30 crowns per share as a precondition. However, both companies agreed to keep the talks confidential.

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