FedEx Updates On Offer For TNT Express - Quick Facts

(RTTNews) - U.S. logistics giant FedEx Corp. (FDX) and European peer TNT Express N.V. (TNTEY.PK) confirmed that they are making timely progress on the preparations for the Offer. FedEx expects to submit a request for review and approval of its Offer Document with the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, AFM) in any event before June 30, 2015, which is the date by which under Dutch law a request for approval must be submitted to the AFM.

As per the rule requiring a public announcement within four weeks following the announcement of an intended public offer to provide a status update, FedEx and TNT Express provide the joint update.

In addition, FedEx and TNT Express confirmed that the process to obtain the required regulatory merger control approvals for the Offer is proceeding without delays.

The Offer will be conditional upon FedEx obtaining the required competition clearances in the European Union, China, Brazil and, to the extent applicable, the United States of America.

FedEx and TNT Express remain confident that substantive anti-trust concerns, if any, can be addressed adequately and in a timely fashion.

Although FedEx and TNT Express aim to obtain the required regulatory clearances as soon as possible, it is noted that completing the formal clearance procedures could take up to one year. As such, it may be required to obtain an exemption from the AFM to (further) extend the offer period.

On 7th April, FedEx Corp. and TNT Express N.V. said they reached an agreement for FedEx to buy TNT for an all-cash public offer of 8 euros per TNT share. The transaction represented an implied equity value of 4.4 billion euros or $4.8 billion for TNT Express.