US parcels and logistics giant FedEx has made a $4.8bn bid to acquire rival operator TNT Express of the Netherlands, with both sides reaching a conditional agreement on the deal.
The agreement recommends an all-cash offer by FedEx for all issued and outstanding ordinary shares, including shares represented by American Depositary Receipts of TNT Express for a cash offer price of €8.00 per share.
The surprise transaction gives TNT Express an implied equity value of approximately €4.4bn ($4.8bn).
Fred Smith, chairman and chief executive of FedEx Corp, said: “We believe that this strategic acquisition will add significant value for FedEx shareowners, team members and customers around the globe.
"This transaction allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends – especially the continuing growth of global e-commerce – and positions FedEx for greater long-term profitable growth.”
Tex Gunning, chief executive of TNT Express, said: “This offer comes at a time of important transformations within TNT Express and we were fully geared to executing our stand-alone strategy. But while we did not solicit an acquisition, we truly believe that FedEx’s proposal, both from a financial and a non-financial view, is good news for all stakeholders.
"Our people and customers can profit from the true global reach and expanded propositions, while with this offer our shareholders can already reap benefits today that otherwise would only have been available in the longer run."
Source : http://www.aircargonews.net/news/airlines/express/single-view/news/fedex-and-tnt-express-agree-on-recommended-all-cash-public-offer-for-all-tnt-express-shares.html
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