UPS has this morning confirmed that it is determined to push ahead with its bid for rival TNT Express.
In a statement, it said: “UPS remains in constructive discussions with TNT Express regarding a potential transaction to acquire the entire issued share capital of TNT Express.”
UPS launched its offer of 9 euros per share on 17th February, but this was rejected by the TNT board.
At the time the offer was a 40 per cent premium on the share price. But since then TNT’s shares have been trading above this level with investors looking for a higher offer.
This morning TNT shares were trading a 9.25 euros each.
In its statement today, UPS said: “In line with regulatory requirements, UPS expresses it still has the intention to submit a request for approval of its offer document to the Netherlands Authority for the Financial Markets within 12 weeks from its initial announcement of 17th February, 2012.”