After TNT Express' initial rejection of a share agreement in late February, the United Parcel Service (UPS) has now been given a strict deadline by the Dutch government asking the courier to hand its final offer to buy TNT Express European market shares.
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| Image c/o TNT |
The international courier offered to pay 9 EUR per TNT Express share which added up to a total sum of 4.9 billion EUR.
However, the second-largest European parcel delivery company rejected last month's the offer. Yet, the discussions continued.
According to Bloomberg, the Dutch government has now set a date. UPS has got until 16th March to state its concrete terms and intentions.
If TNT Express decided to go forward with the sale, UPS would have a share of 17.3 percent in the EU express parcel market - only tenths away from DHL's market share.
Source: Bloomberg.com
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