UPS won't raise TNT bid price much: sources - Reuters
While a sweetener might facilitate board approval, the final price was likely to stay near 9 euros per share, the sources said. "TNT is now desperate to get that deal done," the first source said. TNT's shares jumped to an all-time high of 10.24 euros following UPS's approach, driven by hedge funds' hopes for a bidding war with U.S. rival Fedex (FDX.N), a long-touted suitor with a smaller presence in Europe. They fell back to as low as 9.2 euros after a source close to TNT told Reuters it was not expecting FedEX to bid.
Negotiations between the parties are now coming to an end and a deal is expected soon, the sources said.
While a sweetener might facilitate board approval, the final price was likely to stay near 9 euros per share, the sources said. "TNT is now desperate to get that deal done," the first source said. TNT's shares jumped to an all-time high of 10.24 euros following UPS's approach, driven by hedge funds' hopes for a bidding war with U.S. rival Fedex (FDX.N), a long-touted suitor with a smaller presence in Europe. They fell back to as low as 9.2 euros after a source close to TNT told Reuters it was not expecting FedEX to bid.
Negotiations between the parties are now coming to an end and a deal is expected soon, the sources said.
