UPS extends TNT offer period

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UPS has extended the offer period for its TNT Express bid until 9th November.

The offer was initially planned to close on 31st August, but a decision by the European Commission to launch an in-depth probe into the deal meant that it needed to be extended.

The two companies said they remained committed to the offer and were working closely to fulfil all the conditions.

Under the terms of the €5.16 billion offer, UPS will acquire TNT Express with the aim of creating a service leader in the logistics industry and an enhanced, integrated global network.

UPS and TNT Express still expect to close the transaction in the fourth quarter of 2012.

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