UPS Bidding For TNT

TNT said that its supervisory and executive boards had considered the proposal and explored the bid's merits and risks, eventually rejecting the proposal. They have informed UPS accordingly but continue to be in discussions.

  • Posted on 21 February 2012 by Lee Kok Leong

TNT Express announced that it has received an unsolicited non-binding and conditional proposal from United Parcel Service for the acquisition of the whole of the issued capital of TNT Express at an indicative price of €9 (US$11.8) per ordinary share.

TNT said that its supervisory and executive boards had considered the indicative proposal and explored the bid's merits and risks, eventually rejecting the proposal. They have informed UPS accordingly but continue to be in discussions.

Transport Intelligence’s CEO, John Manners-Bell, commented: “TNT's sale has been on the cards for some time even though it previously appeared that UPS and FedEx had rejected the idea. We expect that there will an improved offer as well as potential interest from other parties. This is just the start of what will be a long and protracted bargaining process.”