News
FedEx Corporation and TNT Express have announced that they have reached a conditional agreement on a recommended all-cash offer for all issued and outstanding ordinary shares of TNT Express for a cash offer price of EUR8.00 per share in a transaction valuing TNT Express at an implied equity value of approximately EUR 4.4 billion ($4.8 billion).
Transaction Details are as follows:
- The proposed transaction envisions the acquisition of the Shares of TNT Express pursuant to a recommended public offer by FedEx. The Offer Price per Share represents an implied equity value for 100% of TNT Express on a fully diluted basis of EUR4.4 billion ($4.8 billion).
- The Offer Price represents a premium of 33% over the closing price of 2 April 2015 and a premium of 42% over the average volume weighted price per TNT Express Share of EUR5.63 ($6.14) over the last three calendar months.
- The Offer Price is cum dividend except for the TNT Express final 2014 dividend of EUR0.08.
The acquisition deal comes two years after the European Commission blocked UPS's takeover bid for TNT due to concerns that it would depress competition and increase prices.
