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United Parcel Service, Inc. (UPS) and TNT Express N.V. (TNT Express) today announced The Netherlands Authority for the Financial Markets (AFM) has granted an exemption to extend the Offer Period for the proposed acquisition of TNT Express.
Pursuant to the AFM exemption, the Offer Period is further extended until one week after clearances from the European Commission and the Chinese Ministry of Commerce (MOFCOM) have been obtained, but under no circumstances later than 28 February 2013.
Status competition clearances
UPS and TNT Express expect the competition clearances from the European Commission and MOFCOM to be the last material ones received.
The required competition clearances will not be obtained by the expiry of the current Offer Period, which ends on 9 November 2012. As previously announced, UPS and TNT Express expect the proposed acquisition to close in early 2013.
UPS will immediately make a public announcement if and when the Offer Condition relating to competition clearance by both the European Commission and MOFCOM is satisfied. This announcement, if made, will include the end date of the Offer Period, which will be one week after the date on which such clearances have been obtained, but not later than 28 February 2013.
Q3 Figures of TNT Express - No further Update Offer Memorandum and Position Statement
On 29 October 2012, TNT Express released its Q3 consolidated interim financial statements, which have been reviewed by an external auditor. UPS confirms that all other information contained in the Offer Memorandum is still up to date and contains all material information required for shareholders to adequately consider the Offer. If additional information required to adequately consider the Offer becomes available during the Offer Period, UPS and TNT Express will make such information publicly available.
With reference to its press release of 11 May 2012 and the Offer Memorandum, UPS reconfirms that it has the financing in place to finance the Offer as required by Article 7, paragraph 4 of the Decree.