Rainbow Cruises has moved one step closer to acquiring Regency Cruises. Regency recently signed an agreement which enables Rainbow to buy the remaining Regency shares in addition to the 32.9 percent it already owns. The agreement is pending approval by Regency's shareholders.

Rainbow is prepared to pay more than $30 million or $1.95 per share. At press time, Regency shares traded for $1.71 (NASDAQ) down from $1.81 immediately after the announcement.

Rainbow is owned by the Greek Lelakis group which already owns two of the ships that Regency operates under lease aweements. The Lelakis group also owns fledghng StarLite Cruises.