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The Latest UPS Headlines
UPS’s Failed TNT Offer Wipes Out $55 Million in Bank Fees
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<blockquote data-quote="cheryl" data-source="post: 1080721" data-attributes="member: 1"><p><a href="http://www.bloomberg.com/news/2013-01-14/ups-s-failed-tnt-offer-wipes-out-55-million-in-bank-fees.html" target="_blank"><strong>UPS’s Failed TNT Offer Wipes Out $55 Million in Bank Fees - Bloomberg</strong></a></p><p></p><p>Investment banks advising United Parcel Service Inc. (UPS) and TNT Express NV (TNTE) on their blocked deal will miss about $55 million they were set to earn on the deal, which collapsed almost a year after the offer was first made. </p><p></p><p>UPS advisers Morgan Stanley, UBS AG (UBSN), and Bank of America Corp. were set to reap as much as $30 million in fees if the company completed its acquisition of the Dutch parcel delivery service TNT, according to New York-based research firm Freeman & Co. Sellside advisers including Goldman Sachs Group Inc. and Lazard Ltd. (LAZ) were slated to earn as much as $25 million. </p><p></p><p>Freshfields Bruckhaus Deringer LLP served as legal adviser to UPS while Allen & Overy LLP advised TNT. UPS will pay TNT a termination fee of 200 million euros once the commission officially prohibits the deal. Sellside advisers may receive a portion of that payment in addition to their normal fees, Freeman said.</p></blockquote><p></p>
[QUOTE="cheryl, post: 1080721, member: 1"] [URL="http://www.bloomberg.com/news/2013-01-14/ups-s-failed-tnt-offer-wipes-out-55-million-in-bank-fees.html"][B]UPS’s Failed TNT Offer Wipes Out $55 Million in Bank Fees - Bloomberg[/B][/URL] Investment banks advising United Parcel Service Inc. (UPS) and TNT Express NV (TNTE) on their blocked deal will miss about $55 million they were set to earn on the deal, which collapsed almost a year after the offer was first made. UPS advisers Morgan Stanley, UBS AG (UBSN), and Bank of America Corp. were set to reap as much as $30 million in fees if the company completed its acquisition of the Dutch parcel delivery service TNT, according to New York-based research firm Freeman & Co. Sellside advisers including Goldman Sachs Group Inc. and Lazard Ltd. (LAZ) were slated to earn as much as $25 million. Freshfields Bruckhaus Deringer LLP served as legal adviser to UPS while Allen & Overy LLP advised TNT. UPS will pay TNT a termination fee of 200 million euros once the commission officially prohibits the deal. Sellside advisers may receive a portion of that payment in addition to their normal fees, Freeman said. [/QUOTE]
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