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In a joint press release, TNT Express NV and United Parcel Service Inc. recommended a public offer for all outstanding shares of TNT Express.
TNT Express NV and United Parcel Service Inc. have taken the next step to completing the acquisition of TNT Express by UPS. The companies jointly recommended a public cash offer for outstanding ordinary shares of TNT Express NV.
The offer is a public cash offer for all issued and outstanding ordinary shares and American depositary shares of TNT Express at an offer price of €9.50 per share.
The executive board and supervisory board of TNT Express fully supported and unanimously recommended the offer to shareholders.
PostNL NV, which currently holds 29.8 percent of the shares will tender its shares under the offer.
The offer period commenced on June 22, 2012 and ends on August 31, 2012 at 6:00 p.m. Amsterdam time (12 noon in New York) unless extended.