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FedEx-TNT takeover deal to settle May 25

Staff writer |
FedEx Corp.'s planned $4.8 billion takeover of Dutch parcel company TNT Express will settle on May 25, ending a merger process that's been more than a year under way.

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FedEx said in a statement that 88.4% of all TNT shareholders have accepted the terms of the deal that comes with an offer price of 8 euros per share. FedEx declared the offer for TNT Express "unconditional," meaning it had received enough acceptances from TNT owners for the deal to settle.

"We are pleased with the outcome of the public share offer," said David Bronczek, president and CEO of FedEx Express. The tie-up has been under scrutiny from regulators, including a six-month antitrust investigation in the European Union.

In connection with the Offer, 484,982,585 Shares (including Shares represented by American depositary shares) have been tendered during the Acceptance Period that expired on 13 May 2016, representing 88.4% of the aggregate issued and outstanding ordinary share capital of TNT Express, and an aggregate value of €3,879,860,680 (at an Offer Price of €8.00 (eight euro) in cash per Share). No treasury shares are held by TNT Express.

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