Carnival Will Let Its Bid for NCL Expire

Carnival Corp., the world’s largest cruise operator, said it will let its $1.7-billion hostile bid for NCL Holding expire after Star Cruises bought a 39.3% stake in the owner of the Norwegian Cruise Lines, blocking Carnival’s bid. A majority of Carnival’s stock is now controlled by either NCL’s directors or by Hong Kong-based Star Cruises, which NCL said it is in talks with about a marketing agreement. Carnival had sought a majority of Oslo, Norway-based NCL’s stockholders to tender their shares for its bid to succeed. Carnival Chairman Micky Arison said in a statement that raising his bid above the $3.75 per share already offered “would not create value for Carnival’s shareholders.” Buying NCL would have added nine ships to Miami-based Carnival’s 45-vessel fleet, which typically sail full. Dropping the bid ended concern that Carnival would raise its offer and pay too much for NCL. Carnival shares rose 50 cents to close at $44.75 on the New York Stock Exchange.