FedEx and TNT extend share acceptance period until January 2016
02 / 11 / 2015
FedEx and TNT Express have extended the public offer acceptance period for all the issued and outstanding ordinary shares in the capital of TNT Express until January 8, 2016.
US parcel giant FedEx’s proposed $4.8bn takeover of the Netherlands-based TNT Express is now unlikely to be opposed by European Commission regulators in Brussels, but other regulatory hurdles have to be passed.
In a joint statement, FedEx and TNT said: “The offer is conditional on obtaining competition approval from the relevant antitrust authorities in the European Union (EU), Brazil, China and, to the extent applicable, the US. FedEx and TNT Express anticipate making a filing in the US before the end of the calendar year.”
The statement added that FedEx and TNT Express “are on track” to obtain all necessary approvals and competition clearances.
Based on the required steps and subject to the necessary approvals, FedEx and TNT Express continue to anticipate that the offer will close in the first half of calendar year 2016. The formal notification for EU competition clearance was filed on June 26 2015.
The European Commission has initiated a Phase II review in connection with the Offer and on 13 August 2015 announced on its website that it extended its deadline for the completion of its Phase II review by 20 working days to 13 January 2016.
FedEx and TNT Express have not received a Statement of Objections from the European Commission and have been informed by the European Commission that no Statement of Objections will be issued.
The transaction is also being reviewed by other antitrust agencies, including the Ministry of Commerce (MOFCOM) in China and the Conselho Administrativo de Defesa Econômica (CADE) in Brazil.