UPS Begins Offer Period In $6.5 Billion TNT Express Takeover - Bloomberg
United Parcel Service Inc. (UPS)’s 5.16 billion-euro ($6.5 billion) cash offer for TNT Express NV (TNTE) runs through Aug. 31 as the U.S. company seeks to expand in Europe with the biggest deal in its 105-year history.
TNT Express, which agreed to accept the bid of 9.50 euros a share on March 19, will hold an investor meeting in Amsterdam on Aug. 6 to brief its shareholders on the takeover, the companies said today in a joint statement.
UPS, the world’s largest package-delivery company, will vault into equal footing in Europe with Deutsche Post’s DHL, the market-share leader, following the takeover of TNT, which it reiterated today will produce pretax cost savings of 400 million euros to 550 million euros annually after four years.
United Parcel Service Inc. (UPS)’s 5.16 billion-euro ($6.5 billion) cash offer for TNT Express NV (TNTE) runs through Aug. 31 as the U.S. company seeks to expand in Europe with the biggest deal in its 105-year history.
TNT Express, which agreed to accept the bid of 9.50 euros a share on March 19, will hold an investor meeting in Amsterdam on Aug. 6 to brief its shareholders on the takeover, the companies said today in a joint statement.
UPS, the world’s largest package-delivery company, will vault into equal footing in Europe with Deutsche Post’s DHL, the market-share leader, following the takeover of TNT, which it reiterated today will produce pretax cost savings of 400 million euros to 550 million euros annually after four years.