Acceptance period for FedEx/TNT Express deal extended further

FedEx and TNT Express have confirmed that there has been a further extension of the acceptance period for FedEx’s offer to buy TNT Express. In a joint statement published on Friday (8 January), the company said that the acceptance period “is further extended until two weeks following the satisfaction or waiver of the Offer Condition with respect to Competition Clearances, but no later than June 6, 2016”.

The statement said that the acceptance period has been extended because “the Offer Condition with respect to Competition Clearances was not fulfilled upon expiration of the Acceptance Period at 17:40 hours CET on January 8, 2016”.

The Offer Condition regarding Competition Clearances relates to obtaining competition approval from the relevant antitrust authorities in the EU, Brazil, China and the US.

Currently, clearances have been obtained from the relevant competition authorities in the US and the EU, which formally announced its approval on Friday (8 January).

FedEx and TNT Express added that they are continuing to work with the regulatory authorities to “obtain clearance of the transaction in the remaining jurisdictions, including Brazil and China”, and that they still “anticipate that the Offer will close in the first half of calendar year 2016”.