December 1999
n Carnival Corporation launches a hostile bid for NCL at 30 Norwegian kroners (£2.28) a share.
n The NCL board begins talks with Star Cruises as a potential ‘white knight’ saviour to block Carnival’s bid and Star acquired 20% of NCL’s shares.
n Star then carried on buying until it has amassed more than 50% of the company, at which point it launches a formal takeover bid of its own at 35 kroners (£2.66) per share. Carnival says it will let its bid lapse, leaving Star a clear field.
January 2000
n NCL doesn’t make any formal response to the new bid, but leading board members exercise their share options to dilute Star’s shareholding to under 50%.
n Star appoints Colin Veitch as prospective NCL president and chief executive officer in anticipation of its success. It also takes steps to get two observers onto the board.
n Star and NCL trade accusations about each other’s conduct during the takeover. Carnival unexpectedly re-enters the battle and offers 40 kroners (£3.04) per share for NCL.
February 2000
n Star and Carnival launch a joint bid to acquire NCL for 35 kroners a share, in an agreement that sees them taking 60% and 40% shares respectively. They also announce plans to cross-promote their products in each other’s markets.
n NCL’s old board is sacked and Colin Veitch replaces Geir Aune as its head.