Over 88% of TNT Express shares tendered

FedEx and TNT Express have announced that 88.4% of all TNT Express shares have been tendered for acceptance by FedEx. FedEx has offered €8 per share, which values TNT at around €4.4 billion, or £3.21 billion.

The deadline for declaring an unconditional offer is May 19th. FedEx originally made the bid last April, but has faced the need for regulatory approval from governing bodies all over the world, including Europe, the USA, China and Brazil.

Last month, the Chinese Ministry of Commerce was the last to approve the takeover.

In preparation for the deal, TNT plans to sell its overnight delivery subsidiary, TNT Innight, to a private equity firm, Special Situations Venture Partners, so that it can focus on its core express services.

(Source: Logistics Manager)