TNT Rejects $4.9B UPS Offer, But Talks Continue

Law360, New York (February 17, 2012, 3:06 PM EST) -- Dutch delivery company TNT Express NV disclosed Friday that it has rejected a €9 ($11.83) per share unsolicited takeover bid from United Parcel Service Inc. that would have valued it at €4.9 billion, but added the companies are still talking.

Amsterdam-based TNT Express said its top officials "carefully considered the indicative proposal and explored its rationale, merits and risks for shareholders" before turning it down.

"The TNT Express ... boards have rejected the proposal. They have informed UPS accordingly but continue to be in discussions," the...
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