Reuters: Deals: UPS intends to make offer for TNT Express

Reuters: Deals Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPS intends to make offer for TNT Express Mar 16th 2012, 06:45 AMSTERDAM | Fri Mar 16, 2012 2:45am EDT AMSTERDAM (Reuters) - United Parcel Service (UPS.N) said it was in constructive talks to buy Dutch rival TNT Express (TNTE.AS) and reiterated its intention to make an offer, having last month proposed a 9 euros per share deal worth 4.9 billion euros ($6.4 billion). UPS, the world's largest package delivery company, said on Friday it intended to request approval of its offer documents to Dutch market regulator AFM by May 11 at the latest. It did not mention a price. UPS was seen as unlikely to improve its 9 euros offer by a large amount, given TNT's poor results and the absence of a counter bidder. TNT Express shares closed at 9.23 euros on Thursday, after reaching a nine-month high at 10.24 euros on February 20. Both parties have ruled out a potential counter bid from FedEx Corp (FDX.N) at this point, sources told Reuters on Thursday. UPS was not expected to announce a deal on Friday and needed more time to hammer out final details, the sources said.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions