Draft “Offer Memorandum” to be Submitted to AFM Later Today […May 11th]
On March 19, 2012, UPS and TNT Express jointly announced conditional agreement on a recommended all-cash offer of EUR 9.50 per ordinary share for TNT Express (the “Offer”).
The Offer values 100% of the issued and outstanding TNT Express ordinary shares at approximately EUR 5.16 billion. UPS will finance the Offer by using approximately EUR 3.7 billion of available cash on its balance sheet and approximately EUR 1.46 billion in debt through existing credit facilities.
In line with regulatory requirements, UPS will submit a request for approval of its Offer Memorandum to the Netherlands Authority for the Financial markets later today. The Offer Memorandum is expected to be published and the Offer is expected to commence during the second quarter in accordance with the applicable timetable.
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This is a press release by United Parcel Service, Inc., pursuant to the provisions of Section 7 Paragraph 4 of the Decree on Public Takeover Bids (Besluit Openbare Biedingen Wft) in connection with the intended public offer by United Parcel Service, Inc. or a wholly owned subsidiary of United Parcel Service, Inc. for all the issued and outstanding ordinary shares in the capital of TNT Express N.V. This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in TNT Express N.V. Any offer will be made only by means of an offer memorandum. This announcement is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, Australia, Canada or Japan.