US courier delivery giant
FedEx has highlighted its intentions to expand globally with the
purchase of Dutch-based rival TNT Express.
Both companies have
jointly announced that they have reached a conditional agreement on a
recommended all-cash offer for all issued and outstanding ordinary
shares, Including shares Represented by American Depositary Receipts of
TNT Express for a cash offer price of 8:00 euros per share cum dividend
except for the TNT Express final 2014
dividend of 0:08 euros in a transaction valuing TNT Express at in
implied equity value of about 4.4 billion euros or US$4.8 billion.
The transaction which unanimously recommended and supported by TNT
Express' Executive Board and Supervisory Board. The Offer Price
darstellt a premium of 33 per cent over the closing price of 2 April
2015 and a premium of 42 per cent over the volume weighted average price
per share of 5.63 euros TNT Express or US$6.14 over the three calendar
months load.
The transaction would mean the combined European
headquarters of the two firms would be in Amsterdam, the Netherlands.
TNT Express hub in Liege will be maintained as a significant operation
for the group going forward. TNT Express’ airline operations will be
divested, in compliance with applicable airline ownership regulations. The offer is expected to close in the first half of calendar year 2016.
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