bpost submits improved offer for PostNL

bpost submits improved offer for PostNL

Belgium’s bpost has submitted a renewed and improved offer for the Netherland’s PostNL. In a statement issued yesterday (6 November), bpost said that the proposed offer would consist of a proposed price of €2.825 in cash per PostNL share plus 0.1202 bpost shares per PostNL share, representing a value of €5.65 per PostNL share. The proposed offer implies a value of €2,502m for 100% of PostNL’s issued and outstanding ordinary shares.

bpost said the leak in the press last week had forced the company to “accelerate its decision making process regarding a possible approach to PostNL”.

The Belgian postal operator said that it is “full convinced of the strategic merit of the combination of PostNL and bpost”.

“In view of the consolidation trend in Europe, the strategic rational of the combination may indeed be more powerful now than ever before,” said bpost.

The company also claimed: “The renewal proposal addresses the views and feedback given by Post NL during the negotiations between PostNL and bpost that ended in May 2016 and takes into account market and stakeholder responses to bpost’s earlier approach.”

Koen van Gerven, bpost’s CEO, commented: “We have a unique opportunity to join forces and stand strong together. The combination of our companies enables us to become one of the leading players in Europe.”

Taken together, PostNL and bpost would be serving more than 28m potential customers in the Netherlands and Belgium.

Early this morning (7 November), PostNL issued a statement, acknowledging bpost’s “unsolicited proposal” and press release. The PostNL statement repeat the line that it used last week – “We have confidence in our stand alone strategy” – but also added: “The Supervisory Board and Board of Management of PostNL are reviewing and considering bpost’s unsolicited proposal with the support of financial and legal advisors, acting in accordance with their fiduciary duties. In doing so, they will carefully consider the interests of all of PostNL’s stakeholders.”

PostNL – which has also released its latest quarterly results this morning – said it “will inform the market further if and when required”.

About The Author

Ian Taylor

Ian Taylor is the Editor of Triangle’s Mail & Express Review Magazine and the www.postandparcel.info portal. Ian has been a business journalist for almost 30 years, editing and writing for a wide range of magazines and newspapers with a particular focus on the transport and logistics industries.

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