NEW YORK -- P&O Princess officials rejected an offer to meet
with Carnival Corp. executives to discuss Carnival's acquisition
proposal. According to P&O Princess, Carnival hasn't yet set
forth a proposal that Princess believes is "superior financially
and deliverable" to the one proposed by Royal Caribbean Cruises.
In a Jan. 6 letter to P&O Princess, Carnival said a meeting
would "better enable us to improve the already superior offer" and
mentioned "exploring alternative transaction structures," such as a
But in a reply letter to Carnival, P&O Princess chief
executive officer Peter Ratcliffe said, "your letter does not
appear to change any of the terms of your proposal."
P&O has previously said it would consider an improved offer
from Carnival through Jan. 18.