The acquisition of TNT Express N.V. by the global logistics company UPS has reached a new stage with UPS recommending a public cash offer with a price of EUR 9.50 per share (EUR 5.16 billion in total).
|Image c/o TNT Express|
The offer is going to apply to all issued and outstanding ordinary shares including TNT Express American depositary shares. Both companies stated that the decision would be fully supported by the Executive Board and the Supervisory Board of TNT Express.
UPS whose offer had been officially accepted on 19th March 2012 hopes that the acquisition will help to create a global leader in logistics with an annual revenue exceeding the EUR 45 billion mark. By utilising TNT Express’ highly interlinked European express and road freight network, UPS plans to expand its courier services in Europe. Meanwhile, TNT customers may benefit from UPS success in delivering parcels to the USA as well as to Latin America and the Asia-Pacific region.
A request for the EU regulatory appeal was filed on 15th June; talks between TNT Express shareholders will continue on 6th August whilst the offer period will commence on 22nd June 2012.
For further details about the offer, please visit the UPS Website.
Source: UPS / TNT Express