UPS makes unsolicited bid for TNT

United Parcel Service 747-400. Courtesy, UPS

United Parcel Service (UPS) confirmed last week that it is attempting to acquire TNT Express, the major European delivery operator that was spun off last year from Dutch mail services provider NLPost.

TNT, still 29.9%-owned by NLPost, rejected an initial unsolicited bid from UPS. But UPS said in statement last week that it has made "a revised, increased and comprehensive proposal to acquire the entire issued share capital of TNT for €9 [$11.8] per share in cash." The revised offer values TNT at more than $6 billion.

"Discussions between the parties concerning this proposal are ongoing, although there is currently no certainty that any agreement will be reached," UPS stated. "Further details will be provided when appropriate."