UPS and TNT announce terms

UPS and TNT Express have formally announced  on a recommended all-cash offer of €9.50 per ordinary share for TNT Express. It values the latter's outstanding ordinary shares at about €5.16 billion. UPS will finance the Offer by using €3.7 billion of available cash on its balance sheet and €1.46 billion in debt through existing credit facilities. UPS has now submitted a request for approval to the Netherlands Authority for the Financial markets. ... [+]

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