United Parcel Service (UPS) has made a cash offer for all the issued and outstanding ordinary shares and American depositary shares of TNT Express (TNTEY) at 9.50 euro each, UPS said Thursday in a statement.
The UPS statement added that TNT Express' boards "fully support and unanimously recommend the offer" to company shareholders.
TNT Express shareholder PostNL NV, currently owning about 29.8% of the company, "has irrevocably undertaken to tender its shares under the offer," the UPS statement added.
The UPS offer will open June 22 and close Aug. 31.
TNT Express will hold an extraordinary general meeting Aug. 6 to discuss the offer.
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