In June 1997, Royal Caribbean made a bid to buy Celebrity Cruise Lines for $500 million and the assumption of its $800 million debt. Within a week, Carnival had responded by sub- mitting a counteroffer to Celebrity for $510 million and the assumption of debt. Two days later, Carnival raised the bid to $525 million. Nevertheless, Royal Caribbean announced on June 30, 1997, the final merger arrangements with Celebrity. The resulting company had 17 ships, with more than 30,000 berths.