UPS Inc presses ahead with bid for TNT Express
By Natalie Doss and Alex Webb | China Daily | Updated: 2012-02-20 08:02
Dutch-based European firm rejected intial takeover offer of $6.43 billion
NEW YORK - United Parcel Service Inc (UPS) is pressing ahead with talks to buy TNT Express NV after Europe's second-largest package-delivery company rejected a $6.43 billion takeover offer.
The "highly conditional" bid of 9 euros ($11.3) a share, 42 percent more than Friday's closing price in Amsterdam, was turned down by TNT's supervisory and executive boards of the company, based in Hoofddorp in the Netherlands. UPS confirmed that discussions were continuing.
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