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P&O Princess, Royal Caribbean and Carnival: only two can play

Thompson, John L. (2003) P&O Princess, Royal Caribbean and Carnival: only two can play. Case Study. ECCH.

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Official URL: http://www.ecch.com

Abstract

A proposed merger between P&O Princess and Royal Caribbean Cruise Line (RCCL) in 2001, provoked a hostile takeover bid for P&O Princess by Carnival, the market leader and arch rival of RCCL in America. The hostility between the protagonists grew, in part fuelled by a dispute over a poison pill arrangement which underpinned the P&O Princess/RCCL merger. The intervention of competition regulators in both America and Europe became inevitable. P&O Princess refused to negotiate with Carnival. RCCL accused Carnival of merely engaging in spoiling tactics, claiming there was no real commitment to a takeover. In the end the shareholders in P&O Princess would have to choose, but the view of the competition authorities in Europe and America would be critical. Whilst the terms of the P&O Princess/RCCL merger remained constant, the Carnival offer terms were changed several times as the market leader fought hard to retain its dominant position.

Item Type: Monograph (Case Study)
Uncontrolled Keywords: Merger and acquisition; Poison pill arrangements; Competition regulation; Industry rationalisation
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
H Social Sciences > HE Transportation and Communications
Schools: The Business School
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Depositing User: Cherry Edmunds
Date Deposited: 09 Aug 2011 13:36
Last Modified: 16 Aug 2011 09:39
URI: http://eprints.hud.ac.uk/id/eprint/11206

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