While Norwegian Cruise Line (NCL) withdrew its planned initial public offering (IPO), the company plans to have it shares listed as so-called American Depository Shares on the New York Stock Exchange in the next few weeks.

Shareholders will be given the opportunity to convert their present NCL shares on a four-to-one basis.

NCL said it pulled its IPO due to the downturn of the stock market, particularly in Norway where NCL's shares have taken a beating. The Norwegian market decline was attributed to falling oil prices and concerns about the Asian markets and the Russian economy.

According to NCL, a listing in the U.S. will reflect a more realistic evaluation of the company, which management feels is undervalued in the Norwegian market.

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