FedEx to launch TNT offer on Monday
FedEx and TNT have announced that the acceptance period for FedEx’s offer for TNT Express will begin on Monday (24 August) and end on 30 October. In a joint statement issued today (21 August), the companies said that TNT Express will hold an extraordinary general meeting of shareholders on 5 October “during which, amongst other things, the Offer will be discussed”.
The joint statement added: “The Offer is subject to a minimum acceptance level of 95% of the Shares. This level is lowered to 80% if the shareholders, at the EGM, vote in favour of inter alia the Asset Sale and Liquidation. As such, adopting the Asset Sale and Liquidation Resolutions would increase deal certainty.”
The Executive Board and the Supervisory Board of TNT Express have announced that they fully support and unanimously recommend the Offer to all shareholders for acceptance
The deal has to be approved by various regulatory bodies and – as previously reported – the EC stated when announcing its Phase II review that it had “concerns” that the “merged entity would face insufficient competitive constraints from the only two remaining players (UPS and DHL)”.
In today’s statement, however, FedEx and TNT Express seemed confident that these concerns would be addressed successfully.
“The process of obtaining all necessary approvals and competition clearances is on track and evolving in line with the previously communicated timetable,” said the statement. “The transaction presents a highly pro-competitive proposition for the provision of small package delivery services within and outside Europe that will benefit consumers and SMEs in Europe and beyond.”
The offer values TNT at €4.4bn ($4.8bn) and is expected to be completed in the first half of 2016.
