UPS’ $6.3 Billion Offer for TNT Begins Friday

UPS Inc. said its approximately $6.3 billion offer for Dutch package firm TNT Express will begin Friday and run through Aug. 31.

UPS said the two companies’  boards “fully support and unanimously recommend the offer,” which will take effect at 9 a.m. Friday, Amsterdam time.

UPS announced the deal to buy TNT in March, which would be the biggest in UPS’ 105-year history. 

When first announced, the 9.50 euro-per-share deal was worth about $6.8 billion, but the approximately 5.16 billion-euro total has declined since then in U.S. dollar equivalent, due to currency fluctuations.

UPS said in March the deal would create a company with about $62 billion in annual revenue, of which about 64% would come from U.S. sources, compared with about 74% today.

UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.