FedEx Declares Offer For TNT Express Unconditional - Quick Facts

(RTTNews) - FedEx Corp. (FDX) and Dutch package company TNT Express N.V. (TNTEF, TNTEY) said that Fedex has declared its recommended all-cash public offer for all the issued and outstanding ordinary shares in the share capital of TNT Express unconditional.

This includes shares represented by American Depositary Receipts. All offer conditions have been satisfied or waived. The settlement date will be 25 May, 2016.

In connection with the offer, 484.98 million shares, including shares represented by American depositary shares, were tendered during the acceptance period that expired on 13 May 2016. This represents 88.4 percent of the aggregate issued and outstanding ordinary share capital of TNT Express, and an aggregate value of 3.88 billion euros at an offer price of 8.00 euros in cash per share. No treasury shares are held by TNT Express.

David Bronczek, President and CEO of FedEx Express said, "We are pleased with the outcome of the public share offer. May 25, 2016 will be a profound moment in the history of these two great companies."

Further, FedEx said that TNT shareholders, including holders of ADSs, who have not yet tendered their shares under the offer will have the opportunity to tender their shares, under the same terms and conditions applicable to the offer, in a post-closing acceptance period commencing on 19 May 2016 and expiring on 1 June 2016.

FedEx and TNT Express also said they will seek to procure the delisting of the shares from Euronext Amsterdam as soon as possible, and the termination of the listing agreement between TNT Express and Euronext Amsterdam in relation to the listing of the shares. In addition, TNT Express intends to terminate the ADS Deposit Agreement between TNT Express and the U.S. Depositary upon such delisting.

In April 2015, FedEx and TNT Express 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.