UPS: has agreed to buy TNT Express for $6.7B

AMSTERDAM (AP) ? United Parcel Service Inc. says it has agreed to buy TNT Express NV for $6.77 billion (?5.16 billion) in a deal supported by TNT's boards.

UPS's cash offer of ?9.5 per share for TNT ? Europe's second-largest express delivery company behind DHL ? comes a month after TNT turned down a ?9 per share offer. The companies remained in talks.

UPS said Monday the deal is a 54 percent premium to TNT's closing price before the first offer Feb. 17. TNT shares closed at ?9.35 on Friday.

The acquisition would be the biggest ever for Atlanta-based UPS, which is the world's largest delivery company.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2012-03-19-EU-Netherlands-UPS-TNT/id-c727c2e64534445dbec0e0768d2c31eb

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