UPS In Talks With TNT Express To Purchase The Company


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UPS In Talks With TNT Express To Purchase The Company

By Mike Mitchell

February 18, 2012 - TNT Express N.V. announces that it has received an unsolicited non-binding and conditional proposal from United Parcel Service, Inc. (UPS) for the acquisition of the whole of the issued capital of TNT Express at an indicative price of € 9 per ordinary share. 

The TNT Express N.V. Supervisory and Executive Boards have carefully considered the indicative proposal and explored its rationale, merits and risks for shareholders and all other stakeholders. The TNT Express N.V. boards have rejected the proposal. They have informed UPS accordingly but continue to be in discussions. 

In response to the announcement from TNT Express NV ("TNT"), UPS confirms that, on February 11, 2012, following discussions with TNT, it made a revised, increased and comprehensive proposal to acquire the entire issued share capital of TNT for EUR9 per share in cash. Discussions between the parties concerning this proposal are ongoing, although there is currently no certainty that any agreement will be reached.

TNT Express N.V. is an international express and cargo delivery services company with headquarters in Hoofddorp, Netherlands. The firm has fully owned operations in 65 countries and delivers documents, parcels and pieces of freight to over 200 countries. The company recorded sales of over 9 billion (US) in 2010. 

Formerly an operating division of TNT N.V., TNT Express was demerged from its parent company on 26 May 2011, taking a listing on the Euronext Amsterdam Stock Exchange. TNT N.V. subsequently renamed itself PostNL. 

Its major competitors include FedEx, United Parcel Service (UPS) and DHL. TNT Express aircraft operate under the IATA code of TAY (TNT Airways). The company's chief executive officer is Marie-Christine Lombard, who previously ran the unit when a part of TNT N.V. The other member of the Board of Management is chief financial officer Bernard Bot. 

TNT Express operates the largest express network by air and road in Europe, as well as TNT Airways, an international cargo airline. TNT Express employs more than 81,000 people, flies 48 aircraft, runs about 26,000 road vehicles, and has a worldwide network of more than 2,400 depots and hubs.
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