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UPS agrees to buy TNT Express for $6.7B

AMSTERDAM (AP) ¡ª United Parcel Service Inc. says it has agreed to buy TNT Express NV for $6.77 billion (€5.16 billion) in a deal supported by TNT's boards.
UPS's cash offer of €9.5 per share for TNT ¡ª Europe's second-largest express delivery company behind DHL ¡ª comes a month after TNT turned down a €9 per share offer. The companies remained in talks.
UPS said Monday the deal is a 54 percent premium to TNT's closing price before the first offer Feb. 17. TNT shares closed at €9.35 on Friday.
The acquisition would be the biggest ever for Atlanta-based UPS, which is the world's largest delivery company.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
AMSTERDAM (AP) ¡ª United Parcel Service Inc. says it has agreed to buy TNT Express NV for $6.77 billion (€5.16 billion) in a deal supported by TNT's boards.
UPS's cash offer of €9.5 per share for TNT ¡ª Europe's second-largest express delivery company behind DHL ¡ª comes a month after TNT turned down a €9 per share offer. The companies remained in talks.
UPS said Monday the deal is a 54 percent premium to TNT's closing price before the first offer Feb. 17. TNT shares closed at €9.35 on Friday.
The acquisition would be the biggest ever for Atlanta-based UPS, which is the world's largest delivery company.
Published at:2012-3-24 18:20:48
     
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