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Princess Spurns Carnival Again!
Question:
Hi Everyone, The wire services are full of reports this morning that P&O Princess has turned down Carnival’s latest offer without even holding talks. Princess did not say that they would not discuss a fresh offer from Carnival, though. <g> Carnival should make a reply to this latest rejection within 24 hours. Stay tuned. After my signature, you will find the Reuters story. If you have missed any of my news’ postings, they are archived on my web site. Best regards, Ray LIGHTHOUSE TRAVEL 800-719-9917 or 805-566-3905 http://www.lighthousetravel.com P&O Princess spurns second Carnival bid By Mark Potter LONDON, Jan 21 (Reuters) Britain’s P&O Princess Cruises Plc sought to end the uncertainty about its future on Monday by rejecting an improved bid from Carnival Corp (NYSE:CCL – news) in favour of an agreed merger with Royal Caribbean Cruises Ltd (NYSE:RCL – news). But Carnival, the world’s largest cruise liner, said the battle was not over and some P&O Princess shareholders expressed disquiet the board had not talked to Carnival about its offer. At 1327 GMT, P&O Princess shares were 0.63 percent lower at 397-1/2 pence as a bidding war was seen less likely while Royal Caribbean shares in Oslo were two percent higher at 152.00 Norwegian crowns on hopes the merger would go ahead. The world’s three largest cruise operators are seeking cost-cutting alliances to counter a drop in ticket prices following the September 11 attacks on the United States, which chilled leisure businesses worldwide. P&O Princess said Carnival’s revised cash and shares offer of around 500 pence per share — presented last Thursday — was still financially less favourable than its planned merger with Royal Caribbean and less likely to clear regulatory hurdles. Chief Executive Peter Ratcliffe said Carnival had had “long enough” to improve its bid. “Now we need to concentrate on delivering the agreed merger with Royal Caribbean, which has and will continue to create value,” he told reporters. But Ratcliffe stopped short of saying he would not consider a fresh approach from Carnival, even though he had set the U.S. firm a deadline of last Friday. “We will always do whatever we believe is in the shareholders’ interests,” he said. A spokesman for Carnival said P&O Princess was trying to deprive shareholders of a competing offer, and that the Miami- based group would respond within the next 24 hours. He could not say if Carnival would increase its latest offer, but added it would continue to lobby P&O Princess shareholders to delay an extraordinary general meeting scheduled for February 14 to vote on the Royal Caribbean merger. Carnival says a delay would give regulators time to examine the competing deals. But P&O Princess fears any postponement might scupper the Royal Caribbean merger plan. DISAPPOINTING Some leading P&O Princess investors were disappointed the board had ruled out talking to Carnival. “It’s particularly disappointing they didn’t even try,” said one top-10 shareholder on condition of anonymity. P&O Princess Chief Executive Ratcliffe told Reuters he had not asked Royal Caribbean for permission to talk to Carnival. “We didn’t think that would be appropriate,” he said in a telephone interview. Under terms of the planned merger between P&O Princess and Royal Caribbean, neither side can talk to a third party unless it has made a clearly superior offer. As P&O Princess did not consider Carnival’s revised offer to be superior to the merger, there was no point in requesting talks, Ratcliffe said. Other investors backed this position. “We don’t feel the indicative offer from Carnival is sufficiently attractive or addresses regulatory issues enough to make it reasonable for P&O Princess to change its stance,” said Stuart Fowler, head of UK equities at Axa Investment Managers, which owns 3.4 percent of P&O Princess. “It’s up to Carnival to come up with something a bit firmer, and financially more attractive,” he added. Nigel Parson at WestLB Panmure said Carnival would have to pay around 560 pence per share to win P&O Princess, and that it could afford to do so. The planned merger with Royal Caribbean valued P&O Princess at around 2.2 billion pounds, or 318 pence per share, when it was announced on November 19. While some way short of Carnival’s offer, P&O Princess thinks the merger offers greater future value for shareholders and that a deal with Carnival might be blocked by regulators. In an unusually structured deal, no cash or shares would change hands under the merger and both firms would keep separate listings. The proposal also includes a $62.5 million break-up fee if it does not go ahead. Royal Caribbean repeated on Monday that it fully supported the planned merger with P&O Princess.
Response:
> Carnival should make a reply to this latest >rejection within 24 hours.
Hi Everyone, It did not take Carnival 24-hours to respond. Here is the Reuters story. Best regards, Ray LIGHTHOUSE TRAVEL 800-719-9917 or 805-566-3905 http://www.lighthousetravel.com Carnival to write to P&O Princess investors LONDON, Jan 21 (Reuters) – Carnival Corp. (NYSE:CCL), the world’s largest cruise operator, said on Monday it was going to bypass the board of P&O Princess Cruises Plc and present its takeover offer directly to the British company’s shareholders. Carnival also said in a statement it wanted investors in P&O Princess to pressure their board into talking to Carnival and not to vote on a rival deal. Earlier on Monday, P&O Princess rejected Carnival’s improved offer of around 3.5 billion pounds ($5.0 billion) in favour of its agreed merger with Royal Caribbean Cruises Ltd (NYSE:RCL).
Response:
Hi Everyone, I received this press release from Carnival and thought it may be of interest. If you have missed any of my news’ postings, they are archived on my web site. Best regards, Ray LIGHTHOUSE TRAVEL 800-719-9917 or 805-566-3905 http://www.lighthousetravel.com Carnival Corporation Response to P&O Princess Cruises PLC MIAMI, Jan. 21 Carnival notes today’s announcement by P&O Princess that it has rejected Carnival’s latest proposal and, once again, has refused to enter into a dialogue with Carnival. 21January 2002 Micky Arison, Chairman and CEO of Carnival, commented: “I am not surprised by P&O Princess’ response, but I am terribly disappointed that the board of P&O Princess is so opposed to the Carnival proposal that its Chief Executive can state that he would not talk to us even if we further increased our already superior proposal. I believe that the board never had any intention of talking to us, regardless of what we offered, and is merely continuing to hide behind their agreement with Royal Caribbean. We have acted in good faith; P&O Princess shareholders will ultimately determine whether their board has acted in their best interests. Since the P&O Princess board will not discuss our superior proposal, we will take it directly to their shareholders.” Carnival has consistently tried to ensure that P&O Princess Shareholders are given the opportunity to judge both the Carnival Offer and the Royal Caribbean Proposal on a level playing field. Carnival met the artificial deadline set by P&O Princess to put forward a revised proposal and by submitting such a clearly superior proposal had hoped to enter into discussions with the board of P&O Princess to the benefit of P&O Princess Shareholders. Once again, Carnival has been rebuffed. Carnival believes that by refusing to meet with Carnival to discuss this latest proposal, the board of P&O Princess is once again refusing to act in the best interests of P&O Princess Shareholders. Carnival believes that its proposal, as outlined in its announcement dated 17 January 2002, is a financially superior and deliverable proposal. At the current value of 500 pence per P&O Princess Share, Carnival’s proposal represents a 45.8 per cent. premium to the look through P&O Princess Share price of 343 pence implied by the “nil-premium” Royal Caribbean Proposal. As set out in its previous announcements, Carnival has been advised that there is no material difference between the regulatory clearances attaching to its Offer and to that of the Royal Caribbean Proposal. Carnival is fully committed to pursuing a transaction with P&O Princess and has, contrary to the assertion by the board of P&O Princess, clearly set out its strategic rationale for a combination with P&O Princess. Carnival continues to believe that P&O Princess Shareholders should have the opportunity to consider both proposals side by side, on their strategic and economic merits, once the regulatory outcome of both proposals is known. Carnival is concerned that P&O Princess Shareholders have not yet received absolute clarity from their board as to their ability to adjourn the EGM on 14 February 2002. Carnival has been advised that any such adjournment, if proposed by P&O Princess Shareholders, does not entitle Royal Caribbean to abandon its proposal unless Royal Caribbean is prepared to pay at least $62.5 million to P&O Princess. P&O Princess should therefore advise its shareholders whether, if P&O Princess Shareholders themselves propose and pass a resolution to adjourn the EGM, that would be a breach of the agreement with Royal Caribbean and/or would entitle Royal Caribbean to walk away. Given the apparent refusal of the board of P&O Princess to consider Carnival’s latest proposal seriously, Carnival intends to take its case directly to P&O Princess Shareholders and will be writing to them directly in due course. Until such time, P&O Princess Shareholders should continue to pressurise the board of P&O Princess to enter into talks with Carnival and should wait until the EGM on 14 February 2002 before making a final decision on these issues. Accordingly, Carnival strongly urges P&O Princess Shareholders not to return the P&O Princess form of proxy and to vote to adjourn the 14 February 2002 EGM or, failing such adjournment being achieved, to vote against the existing DLC proposal with Royal Caribbean. Enquiries: Carnival Telephone: +1 305 599 2600 Micky Arison Howard Frank Merrill Lynch Telephone: +44 20 7628 1000 Philip Yates James Agnew Stuart Faulkner UBS Warburg Telephone: +44 20 7567 8000 Tom Cooper Alistair Defriez Financial Dynamics Telephone: +44 20 7831 3113 Nic Bennett Scott Fulton Terms used in this announcement have the same meaning as in the Announcement dated 16 December 2001. The directors of Carnival accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Carnival (who have taken all reasonable care to ensure such is the case), the information contained herein for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. Merrill Lynch International and UBS Warburg Ltd., a subsidiary of UBS AG, are acting as joint financial advisors and joint corporate brokers exclusively to Carnival and no-one else in connection with the Offer and will not be responsible to anyone other than Carnival for providing the protections afforded to clients respectively of Merrill Lynch International and UBS Warburg Ltd. as the case may be or for providing advice in relation to the Offer. SHAREHOLDER DISCLOSURE OBLIGATIONS Any person who, alone or acting together with any other person(s) pursuant to an agreement or understanding (whether formal or informal) to acquire or control securities of P&O Princess or Carnival, owns or controls, or become the owner or controller, directly or indirectly of one per cent. or more of any class of securities of P&O Princess or Carnival is generally required under the provision of Rule 8 of the City Code to notify the London Stock Exchange and the Panel of every dealing in such securities during the period from the date of the Announcement until the first closing date of the Offer or, if later, the date on which the Offer becomes, or is declared, unconditional as to acceptances or lapses. Disclosure should be made on an appropriate form before 12 noon (London time) on the business day following the date of the dealing transaction. These disclosures should be sent to the Company Announcements Office of the London Stock Exchange (fax number: +44 20 7588 6057) and to the Panel (fax number: +44 20 7256 9386). Certain statements in this announcement constitute “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. Carnival has tried, wherever possible, to identify such statements by using words such as “anticipate,” “assume,” “believe,” “expect,” “intend,” “plan” and words and terms of similar substance in connection with any discussion of future operating or financial performance. These forward- looking statements, including those which may impact the forecasting of Carnival’s net revenue yields, booking levels, price, occupancy or business prospects, involve known and unknown risks, uncertainties and other factors, which may cause Carnival’s actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions which may impact levels of disposable income of consumers and the net revenue yields for Carnival’s cruise products; consumer demand for cruises and other vacation options; other vacation industry competition; effects on consumer demand of armed conflicts, political instability, terrorism, the availability of air service and adverse media publicity; increases in cruise industry and vacation industry capacity; continued availability of attractive port destinations; changes in tax laws and regulations; Carnival’s ability to implement its shipbuilding program and to continue to expand its business outside the North American market; Carnival’s ability to attract and retain shipboard crew; changes in foreign currency rates, security expenses, food, fuel, insurance and commodity prices and interest rates; delivery of new ships on schedule and at the contracted prices; weather patterns; unscheduled ship repairs and dry-docking; incidents involving cruise ships; impact of pending or threatened litigation; and changes in laws and regulations applicable to Carnival. Carnival cautions the reader that these risks may not be exhaustive. Carnival operates in a continually changing business environment, and new risks emerge from time to time. Carnival cannot predict such risks nor can it assess the impact, if any, of such risks on its business or the extent to which any risk, or combination of risks may cause actual results to differ from those projected in any forward-looking statements. Accordingly, forward- looking statements should not be relied upon as a prediction of actual results. Carnival undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. CARNIVAL PLANS TO FILE A REGISTRATION STATEMENT ON FORM S-4 AND A STATEMENT ON SCHEDULE TO WITH THE US SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH COMMENCEMENT OF THE OFFER. THE FORM S-4 WILL CONTAIN A PROSPECTUS AND OTHER DOCUMENTS RELATING TO THE OFFER. CARNIVAL PLANS TO MAIL THE … read more »
Response:
Hi Everyone, The wire services are full of reports this morning that P&O Princess has turned down Carnival’s latest offer without even holding talks. Princess did not say that they would not discuss a fresh offer from Carnival, though. <g> Carnival should make a reply to this latest rejection within 24 hours. Stay tuned. After my signature, you will find the Reuters story. If you have missed any of my news’ postings, they are archived on my web site. Best regards, Ray LIGHTHOUSE TRAVEL 800-719-9917 or 805-566-3905 http://www.lighthousetravel.com P&O Princess spurns second Carnival bid By Mark Potter LONDON, Jan 21 (Reuters) Britain’s P&O Princess Cruises Plc sought to end the uncertainty about its future on Monday by rejecting an improved bid from Carnival Corp (NYSE:CCL – news) in favour of an agreed merger with Royal Caribbean Cruises Ltd (NYSE:RCL – news). But Carnival, the world’s largest cruise liner, said the battle was not over and some P&O Princess shareholders expressed disquiet the board had not talked to Carnival about its offer. At 1327 GMT, P&O Princess shares were 0.63 percent lower at 397-1/2 pence as a bidding war was seen less likely while Royal Caribbean shares in Oslo were two percent higher at 152.00 Norwegian crowns on hopes the merger would go ahead. The world’s three largest cruise operators are seeking cost-cutting alliances to counter a drop in ticket prices following the September 11 attacks on the United States, which chilled leisure businesses worldwide. P&O Princess said Carnival’s revised cash and shares offer of around 500 pence per share — presented last Thursday — was still financially less favourable than its planned merger with Royal Caribbean and less likely to clear regulatory hurdles. Chief Executive Peter Ratcliffe said Carnival had had “long enough” to improve its bid. “Now we need to concentrate on delivering the agreed merger with Royal Caribbean, which has and will continue to create value,” he told reporters. But Ratcliffe stopped short of saying he would not consider a fresh approach from Carnival, even though he had set the U.S. firm a deadline of last Friday. “We will always do whatever we believe is in the shareholders’ interests,” he said. A spokesman for Carnival said P&O Princess was trying to deprive shareholders of a competing offer, and that the Miami- based group would respond within the next 24 hours. He could not say if Carnival would increase its latest offer, but added it would continue to lobby P&O Princess shareholders to delay an extraordinary general meeting scheduled for February 14 to vote on the Royal Caribbean merger. Carnival says a delay would give regulators time to examine the competing deals. But P&O Princess fears any postponement might scupper the Royal Caribbean merger plan. DISAPPOINTING Some leading P&O Princess investors were disappointed the board had ruled out talking to Carnival. “It’s particularly disappointing they didn’t even try,” said one top-10 shareholder on condition of anonymity. P&O Princess Chief Executive Ratcliffe told Reuters he had not asked Royal Caribbean for permission to talk to Carnival. “We didn’t think that would be appropriate,” he said in a telephone interview. Under terms of the planned merger between P&O Princess and Royal Caribbean, neither side can talk to a third party unless it has made a clearly superior offer. As P&O Princess did not consider Carnival’s revised offer to be superior to the merger, there was no point in requesting talks, Ratcliffe said. Other investors backed this position. “We don’t feel the indicative offer from Carnival is sufficiently attractive or addresses regulatory issues enough to make it reasonable for P&O Princess to change its stance,” said Stuart Fowler, head of UK equities at Axa Investment Managers, which owns 3.4 percent of P&O Princess. “It’s up to Carnival to come up with something a bit firmer, and financially more attractive,” he added. Nigel Parson at WestLB Panmure said Carnival would have to pay around 560 pence per share to win P&O Princess, and that it could afford to do so. The planned merger with Royal Caribbean valued P&O Princess at around 2.2 billion pounds, or 318 pence per share, when it was announced on November 19. While some way short of Carnival’s offer, P&O Princess thinks the merger offers greater future value for shareholders and that a deal with Carnival might be blocked by regulators. In an unusually structured deal, no cash or shares would change hands under the merger and both firms would keep separate listings. The proposal also includes a $62.5 million break-up fee if it does not go ahead. Royal Caribbean repeated on Monday that it fully supported the planned merger with P&O Princess.
Response:
> Carnival should make a reply to this latest >rejection within 24 hours.
Hi Everyone, It did not take Carnival 24-hours to respond. Here is the Reuters story. Best regards, Ray LIGHTHOUSE TRAVEL 800-719-9917 or 805-566-3905 http://www.lighthousetravel.com Carnival to write to P&O Princess investors LONDON, Jan 21 (Reuters) – Carnival Corp. (NYSE:CCL), the world’s largest cruise operator, said on Monday it was going to bypass the board of P&O Princess Cruises Plc and present its takeover offer directly to the British company’s shareholders. Carnival also said in a statement it wanted investors in P&O Princess to pressure their board into talking to Carnival and not to vote on a rival deal. Earlier on Monday, P&O Princess rejected Carnival’s improved offer of around 3.5 billion pounds ($5.0 billion) in favour of its agreed merger with Royal Caribbean Cruises Ltd (NYSE:RCL).
Response:
Hi Everyone, I received this press release from Carnival and thought it may be of interest. If you have missed any of my news’ postings, they are archived on my web site. Best regards, Ray LIGHTHOUSE TRAVEL 800-719-9917 or 805-566-3905 http://www.lighthousetravel.com Carnival Corporation Response to P&O Princess Cruises PLC MIAMI, Jan. 21 Carnival notes today’s announcement by P&O Princess that it has rejected Carnival’s latest proposal and, once again, has refused to enter into a dialogue with Carnival. 21January 2002 Micky Arison, Chairman and CEO of Carnival, commented: “I am not surprised by P&O Princess’ response, but I am terribly disappointed that the board of P&O Princess is so opposed to the Carnival proposal that its Chief Executive can state that he would not talk to us even if we further increased our already superior proposal. I believe that the board never had any intention of talking to us, regardless of what we offered, and is merely continuing to hide behind their agreement with Royal Caribbean. We have acted in good faith; P&O Princess shareholders will ultimately determine whether their board has acted in their best interests. Since the P&O Princess board will not discuss our superior proposal, we will take it directly to their shareholders.” Carnival has consistently tried to ensure that P&O Princess Shareholders are given the opportunity to judge both the Carnival Offer and the Royal Caribbean Proposal on a level playing field. Carnival met the artificial deadline set by P&O Princess to put forward a revised proposal and by submitting such a clearly superior proposal had hoped to enter into discussions with the board of P&O Princess to the benefit of P&O Princess Shareholders. Once again, Carnival has been rebuffed. Carnival believes that by refusing to meet with Carnival to discuss this latest proposal, the board of P&O Princess is once again refusing to act in the best interests of P&O Princess Shareholders. Carnival believes that its proposal, as outlined in its announcement dated 17 January 2002, is a financially superior and deliverable proposal. At the current value of 500 pence per P&O Princess Share, Carnival’s proposal represents a 45.8 per cent. premium to the look through P&O Princess Share price of 343 pence implied by the “nil-premium” Royal Caribbean Proposal. As set out in its previous announcements, Carnival has been advised that there is no material difference between the regulatory clearances attaching to its Offer and to that of the Royal Caribbean Proposal. Carnival is fully committed to pursuing a transaction with P&O Princess and has, contrary to the assertion by the board of P&O Princess, clearly set out its strategic rationale for a combination with P&O Princess. Carnival continues to believe that P&O Princess Shareholders should have the opportunity to consider both proposals side by side, on their strategic and economic merits, once the regulatory outcome of both proposals is known. Carnival is concerned that P&O Princess Shareholders have not yet received absolute clarity from their board as to their ability to adjourn the EGM on 14 February 2002. Carnival has been advised that any such adjournment, if proposed by P&O Princess Shareholders, does not entitle Royal Caribbean to abandon its proposal unless Royal Caribbean is prepared to pay at least $62.5 million to P&O Princess. P&O Princess should therefore advise its shareholders whether, if P&O Princess Shareholders themselves propose and pass a resolution to adjourn the EGM, that would be a breach of the agreement with Royal Caribbean and/or would entitle Royal Caribbean to walk away. Given the apparent refusal of the board of P&O Princess to consider Carnival’s latest proposal seriously, Carnival intends to take its case directly to P&O Princess Shareholders and will be writing to them directly in due course. Until such time, P&O Princess Shareholders should continue to pressurise the board of P&O Princess to enter into talks with Carnival and should wait until the EGM on 14 February 2002 before making a final decision on these issues. Accordingly, Carnival strongly urges P&O Princess Shareholders not to return the P&O Princess form of proxy and to vote to adjourn the 14 February 2002 EGM or, failing such adjournment being achieved, to vote against the existing DLC proposal with Royal Caribbean. Enquiries: Carnival Telephone: +1 305 599 2600 Micky Arison Howard Frank Merrill Lynch Telephone: +44 20 7628 1000 Philip Yates James Agnew Stuart Faulkner UBS Warburg Telephone: +44 20 7567 8000 Tom Cooper Alistair Defriez Financial Dynamics Telephone: +44 20 7831 3113 Nic Bennett Scott Fulton Terms used in this announcement have the same meaning as in the Announcement dated 16 December 2001. The directors of Carnival accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Carnival (who have taken all reasonable care to ensure such is the case), the information contained herein for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. Merrill Lynch International and UBS Warburg Ltd., a subsidiary of UBS AG, are acting as joint financial advisors and joint corporate brokers exclusively to Carnival and no-one else in connection with the Offer and will not be responsible to anyone other than Carnival for providing the protections afforded to clients respectively of Merrill Lynch International and UBS Warburg Ltd. as the case may be or for providing advice in relation to the Offer. SHAREHOLDER DISCLOSURE OBLIGATIONS Any person who, alone or acting together with any other person(s) pursuant to an agreement or understanding (whether formal or informal) to acquire or control securities of P&O Princess or Carnival, owns or controls, or become the owner or controller, directly or indirectly of one per cent. or more of any class of securities of P&O Princess or Carnival is generally required under the provision of Rule 8 of the City Code to notify the London Stock Exchange and the Panel of every dealing in such securities during the period from the date of the Announcement until the first closing date of the Offer or, if later, the date on which the Offer becomes, or is declared, unconditional as to acceptances or lapses. Disclosure should be made on an appropriate form before 12 noon (London time) on the business day following the date of the dealing transaction. These disclosures should be sent to the Company Announcements Office of the London Stock Exchange (fax number: +44 20 7588 6057) and to the Panel (fax number: +44 20 7256 9386). Certain statements in this announcement constitute “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. Carnival has tried, wherever possible, to identify such statements by using words such as “anticipate,” “assume,” “believe,” “expect,” “intend,” “plan” and words and terms of similar substance in connection with any discussion of future operating or financial performance. These forward- looking statements, including those which may impact the forecasting of Carnival’s net revenue yields, booking levels, price, occupancy or business prospects, involve known and unknown risks, uncertainties and other factors, which may cause Carnival’s actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions which may impact levels of disposable income of consumers and the net revenue yields for Carnival’s cruise products; consumer demand for cruises and other vacation options; other vacation industry competition; effects on consumer demand of armed conflicts, political instability, terrorism, the availability of air service and adverse media publicity; increases in cruise industry and vacation industry capacity; continued availability of attractive port destinations; changes in tax laws and regulations; Carnival’s ability to implement its shipbuilding program and to continue to expand its business outside the North American market; Carnival’s ability to attract and retain shipboard crew; changes in foreign currency rates, security expenses, food, fuel, insurance and commodity prices and interest rates; delivery of new ships on schedule and at the contracted prices; weather patterns; unscheduled ship repairs and dry-docking; incidents involving cruise ships; impact of pending or threatened litigation; and changes in laws and regulations applicable to Carnival. Carnival cautions the reader that these risks may not be exhaustive. Carnival operates in a continually changing business environment, and new risks emerge from time to time. Carnival cannot predict such risks nor can it assess the impact, if any, of such risks on its business or the extent to which any risk, or combination of risks may cause actual results to differ from those projected in any forward-looking statements. Accordingly, forward- looking statements should not be relied upon as a prediction of actual results. Carnival undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. CARNIVAL PLANS TO FILE A REGISTRATION STATEMENT ON FORM S-4 AND A STATEMENT ON SCHEDULE TO WITH THE US SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH COMMENCEMENT OF THE OFFER. THE FORM S-4 WILL CONTAIN A PROSPECTUS AND OTHER DOCUMENTS RELATING TO THE OFFER. CARNIVAL PLANS TO MAIL THE … read more »