Princess rejects offer to meet with Carnival

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 dual-listed structure.

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.

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