UPS makes a bid for TNT Express N.V. which is rejected but the two companies continue talking

UPS-United Parcel Service (Atlanta) is in talks to acquire TNT Express N.V. (Hoofddorp). TNT is the second-largest package-delivery company in Europe. TNT has rejected UPS’ initial $6.43 billion takeover offer.

The bid of 9 euros per share is 42 percent higher than Friday’s closing price of TNT’s stock according to Bloomberg.

TNT issued the following statement:

“TNT Express N.V. announces that it has received an unsolicited non-binding and conditional proposal from United Parcel Service, Inc. (UPS) for the acquisition of the whole of the issued capital of TNT Express at an indicative price of € 9 per ordinary share.

The TNT Express N.V. Supervisory and Executive Boards have carefully considered the indicative proposal and explored its rationale, merits and risks for shareholders and all other stakeholders.

The TNT Express N.V. boards have rejected the proposal. They have informed UPS accordingly but continue to be in discussions.”

TNT Airways S.A. (Liege) is a wholly owned subsidiary of the TNT Express.

The TNT fleet includes:

3 Boeing 777F freighters
4 Boeing 747-400ERF freighters
2 Boeing 767-200F freighters (ABX Air)
1 Boeing 767-300F freighters (Gestair)
2 Airbus A300-600F freighters (Air Atlanta)
3 Boeing 757-200SF Special Freighters (Icelandair and Gestair)
12 Boeing 737-300/400SF Special Freighters (Bluebird, Cargo Air and Ukraine International)
18 BAe 146 including 2 QC models

Read the full article by Bloomberg: CLICK HERE

TNT Airways Photo Gallery: CLICK HERE

UPS Photo Gallery: CLICK HERE

Top Copyright Photo: Michael B. Ing.

Bottom Copyright Photo: Michael B. Ing.