FedEx offer for TNT gains unconditional acceptance

FedEx’s offer for TNT shares has been unconditionally accepted with the deal now set to be completed on May 25.
This morning the two companies declared that 88.4% of all TNT shares had been tendered and accepted with all offer conditions satisfied or waived.
“We are pleased with the outcome of the public share offer,” said David Bronczek, president and chief executive, FedEx Express.
“May 25, 2016 will be a profound moment in the history of these two great companies. Together, we will transform the global transportation industry, connecting even more people and possibilities around the world.”
Shareholders that did not tender their shares will have from the morning of May 19 to the afternoon of June 1 (Amsterdam local time) in order to do so. There will also be an exit opportunity for shareholders.
If, following the settlement date, the post-closing acceptance period and a minority exit opportunity, FedEx has acquired less than 95%  of the issued and outstanding ordinary share capital of TNT Express, it may choose to implement the asset sale and liquidation of TNT Express.
FedEx and TNT Express 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.

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