22-Jun-2012 8:14 AM

United Parcel Service makes public cash offer to TNT Express shares

United Parcel Service (UPS) has made (21-Jun-2012) a public cash offer for all the issued and outstanding ordinary shares and American depositary shares of TNT Express at EUR9.50/share, marking the launch of its EUR5.16 billion bid for the Dutch company. UPS said TNT Express' boards "fully support and unanimously recommend the offer" to company shareholders. TNT Express shareholder PostNL NV, currently owning about 29.8% of the company, "has irrevocably undertaken to tender its shares under the offer," UPS said. The UPS offer will open on 22-Jun-2012 and close on 31-Aug-2012. TNT Express will hold an EGM on 06-Aug-2012 to discuss the offer. Meanwhile, a request for EU regulatory approval was filed on 15-Jun-2012. The companies claims the transaction will "create a global leader in the logistics industry" with more than EUR45 billion in annual revenues and an enhanced, integrated global network. Morgan Stanley, UBS Investment Bank and Bank of America Merrill Lynch are acting as financial advisors exclusively to the offeror and UPS; Goldman Sachs is acting as financial advisor to TNT Express. Lazard is acting as financial advisor exclusively to the supervisory board of TNT Express. Freshfields Bruckhaus Deringer LLP is acting as legal counsel to the offeror and UPS; Allen & Overy LLP is acting as legal counsel to TNT Express. [more - original PR]

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