Transaction highlights:
FedEx Corporation (FedEx) and TNT Express N.V. (TNT Express) reached conditional agreement on recommended all-cash public offer of €8.00 per ordinary TNT Express share.
The Offer Price represents a premium of 33% over the closing price of 2 April 2015 and a premium of 42% over the average volume weighted price per TNT Express share of €5.63 over the last 3 calendar months.
The transaction represents an implied equity value forTNT Express of €4.4 billion($4.8 billion).
Transaction unanimously recommended and supported by TNT Express’ Executive Board and Supervisory Board.
High level of deal certainty.
PostNL N.V. has irrevocably confirmed to support the Offer and tender its 14.7% TNT Express shareholding.
Combination will transform FedEx’s European capabilities and accelerate global growth.
Customers will enjoy access to an enhanced, integrated global network, combining TNT Express strong European capabilities and FedEx’s strength in other regions globally, including North America and Asia.
FedEx and TNT Express employees share a commitment to serving customers and delivering value for shareholders and supporting the communities they live and work in.
The parties have agreed to certain non-financial covenants including:
Existing employment terms of TNT Express will be respected.