UPS Public Offer for TNT Express – Extension of Offer Period
NYSE: UPS) announced the Offer Period for UPS’s public Offer for TNT Express N.V. (TNT Express), after its initial expiry on 31 August 2012, will be extended until 9 November 2012. UPS will formally confirm the extension of the Offer Period through a regulatory announcement on 5 September 2012.
The conditions for completion of the Offer, in particular the antitrust condition, will not be fulfilled before the expiry of the Offer Period on 31 August 2012. Therefore, UPS will, within 3 business days following the expiry of the Offer Period, extend the Offer Period in accordance with the terms and conditions set out in the Offer Memorandum dated 21 June 2012. The Offer Period will be extended until 9 November 2012 in accordance with Article 15, paragraphs 1 and 2 of the Decree on public offers Wft (Besluit Openbare Biedingen Wft, the Decree).
UPS and TNT Express anticipate completion of the offer and close of the transaction in the fourth quarter of 2012.
Following extension of the Offer Period, Shares tendered during the initial offer period may be withdrawn in accordance with the provisions of Article 15, paragraph 3 of the Decree. Any Shares tendered during the initial Offer Period and not withdrawn will remain subject to the Offer.
UPS and TNT Express remain committed to the Offer and are working closely to fulfill all Offer conditions. Under the terms of the EUR 5.16 billion ($6.28 billion [1]) Offer, UPS will acquire TNT Express to create a service leader in the logistics industry and an enhanced, integrated global network. The complementary strengths of both organizations will create a customer-focused global platform that will be a leader in transportation technology and customer service.
The combined network will help facilitate the flow of trade, making customers more competitive not just in U.S. and European markets, but also in markets across Asia and Latin America – helping to stimulate much needed economic growth.
About United Parcel Service – UPS
United Parcel Service ( UPS) is a global leader in logistics, offering a broad range of solutions including the transportation of packages and freight, the facilitation of international trade, and the deployment of advanced technology to manage the world of business more efficiently. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide.
About TNT Express
TNT Express ( TNTE) is one of the world’s largest express delivery companies. On a daily basis, TNT Express delivers close to 1 million consignments ranging from documents and parcels to palletized freight. The company operates road and air transportation networks in Europe, the Middle East and Africa, Asia-Pacific and the Americas. TNT Express had revenues of EUR 7.25 billion in 2011.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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