TNT sweetened bid for logistics?

Apollo ups bid for TNT Logistics. Dow Jones reported yesterday afternoon that U.S. private equity firm Apollo Management has made a late hour bid for TNT’s Logistics division of up to USD2.3B (Euro1.8B), according to unnamed sources quoted by Dow Jones. This bid is roughly 30% higher than the mid-range of the bid that the newswires reported last Friday that French private equity firm PAI Partners was planning to pay for TNT Logistics. At the reported price of USD2.3B (Euro1.8B), Apollo would pay about 10.7x 1-year trailing EV/EBITDA. TNT has not commented on DJ’s report. However, if the reported price paid by Apollo is close, we would view this as a strong positive for TNT, with the price about USD1.0B (Euro800M) above expectations