United Parcel Service, Inc. (NYSE: UPS) today announced the withdrawal of its Offer for TNT Express (NYSE Euronext: TNTE).
As anticipated, the European Commission (EC) has issued a formal decision prohibiting the proposed acquisition of TNT Express. As a result of the prohibition by the EC, the Offer Condition relating to EU Competition Clearance will not be fulfilled and the acquisition of TNT Express by UPS will not be completed. Given this outcome, UPS and TNT Express entered a separate agreement to terminate the Merger Protocol.
UPS proposed significant and tangible remedies designed to address the EC’s concerns with the transaction concerning the competitive landscape in Europe. UPS believes that the combined company would have been transformative for the logistics industry, bringing meaningful benefits to consumers and customers around the world, while supporting much needed growth in Europe in particular.
While UPS is disappointed in the EC’s decision, the company’s focus is on the continued execution of its growth strategy.UPS (NYSE:UPS) is a global leader in logistics, offering a broad range of solutions including the transportation of packages and freight; the facilitation of international trade, and the deployment of advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the Web at UPS.com and its corporate blog can be found at blog.ups.com. To get UPS news direct, visit pressroom.ups.com/RSS. Further Information UPS is making the Offer on the terms and subject to the conditions and restrictions contained in the Offer Memorandum, dated 21 June 2012. TNT Express has also made available the Position Statement, containing the information required by Article 18, paragraph 2 and Annex G of the Decree in connection with the Offer. Terms not defined in this press release shall have the meaning as defined in the Offer Memorandum.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV