FedEx and TNT Express confirm extension for public offer acceptance period
FedEx Corporation and TNT Express have jointly confirmed that the acceptance period for the recommended public offer for all the issued and outstanding ordinary shares in the capital of TNT Express has been extended to 8 January. To be precise, the acceptance period will now run to 17:40 hours CET (11:40 hours New York time). FedEx and TNT Express said that the extension was necessary because “not all Offer Conditions, in particular the Offer Condition relating to Competition Clearances, were fulfilled upon expiry of the initial Acceptance Period at 17:40 hours CET on October 30, 2015”.
In a statement issued on Friday (30 October), the companies said that they are “on track to obtain all necessary approvals and competition clearances” and they still “anticipate that the Offer will close in the first half of calendar year 2016”.
As previously reported, FedEx and TNT Express have been informed by the European Commission that no Statement of Objections will be issued regarding the offer. The transaction is also being reviewed by other antitrust agencies, including the Ministry of Commerce (MOFCOM) in China and the Conselho Administrativo de Defesa Econômica (CADE) in Brazil.
