UPS Public Offer For TNT Express
By Pritha Dey
United Parcel Service (UPS) confirmed that the offer period for its public offer for TNT Express N.V. (TNT Express) is extended to November 9, 2012, as previously indicated on August 22, 2012, and in accordance with the terms and conditions set out in the Offer Memorandum dated June 21, 2012. This confirmation is formally required pursuant to Articles 15 and 16 of the Decree.
The Offer Period has been extended because not all conditions for completion of the Offer, in particular the condition on competition clearance, were fulfilled upon the expiry of the initial Offer Period on August 31, 2012.
UPS and TNT Express also confirmed today they mutually 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. If and when the currently extended Offer Period lapses without the condition on competition clearance having been fulfilled, an exemption will be requested from the Netherlands Authority for the Financial Markets (AFM) to extend the Offer period again.
During the extended Offer Period, Shares tendered during the initial Offer Period may be withdrawn in accordance with the provisions of Article 15, paragraph 3 of the Decree. Any Shares tendered during the initial Offer Period and not withdrawn will remain subject to the Offer.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 ($6.51 billion ) 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.