- THE MAGAZINE
United Parcel Service (UPS) confirmed on Sept. 5, 2012, that the offer period for its public offer for TNT Express N.V. (TNT Express) is extended to Nov. 9, 2012, as previously indicated on Aug. 22, 2012, and in accordance with the terms and conditions set out in the Offer Memorandum dated June 21, 2012.
The offer period has been extended because not all conditions for completion of the offer, such as the condition on competition clearance, were fulfilled upon the expiry of the initial offer period on Aug. 31, 2012.
UPS and TNT Express also confirmed they consented to a request from the European Commission to extend the review period for another 10 working days to enable the commission to fully review additional information related to the transaction.
As a result of this extension, UPS and TNT Express now anticipate completion of the offer and close of the transaction in early 2013.
According to a joint statement, “UPS and TNT Express remain committed to the offer and are working closely to fulfill all offer conditions.”