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UPS Public Offer For TNT Express - Extension Of Offer Period
 
By Shane Nolan
 

August 23, 2012 - United Parcel Service announced the Offer Period for UPS's public Offer for TNT Express N.V. (TNT Express), after its initial expiry on August 31, 2012, will be extended until November 9, 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 three 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 21, 2012.

 
The Offer Period will be extended until November 9, 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Following extension of the Offer Period, Shares tendered during the initial offer period may be withdrawn in accordance with the provisions of Article 15, paragraph 3 of the Decree. Any Shares tendered during the initial Offer Period and not withdrawn will remain subject to the Offer.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.  

TNT Express N.V. is an international courier 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 €7.2 billion in 2011. Its major competitors include FedEx and DHL. 

 

 

On March 19, 2012, United Parcel Service announced its intention to acquire TNT Express for USD 6.7B. On July 13, 2012, UPS released a press release stating that the TNT Express acquisition is expected to be completed in the 4th Quarter of 2012. The company operates road and air transportation networks in Europe, the Middle East and Africa, Asia-Pacific and the Americas. It employs 77,000 people and runs a fleet of 30,000 road vehicles and 46 aircraft.

 
 
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