United Parcel Service Inc. said Monday it has agreed to buy TNT Express NV for Euro 5.16 billion ($6.77 billion) in a deal supported by TNT's boards.
UPS's cash offer of Euro 9.5 ($12.51) per share for TNT — Europe's second-largest express delivery company behind DHL — comes a month after TNT management turned down a Euro 9 per share offer. The companies remained in talks, assisted by a strengthening dollar.
UPS said Monday the deal is a 54 percent premium to TNT's closing price before the first offer Feb. 17. TNT shares closed at euro 9.35 on Friday.
The acquisition would be the biggest ever for Atlanta-based UPS, which is the world's largest delivery company.
For more: UPS says TNT Express has agreed to a sweetened takeover offer of $6.77 billion | The Republic
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