UPS will pay mostly cash as part of its €5.16 billion offer for TNT Express that has now beenofficially filed with the Dutch financial regulator.
The US company announced on Friday that it had the necessary financing in place for itsintended recommended public offer of €9.50 per ordinary share for TNT Express.
UPS said it will finance the offer by using approximately €3.7 billion of available cash onits balance sheet and approximately €1.46 billion in debt through existing credit facilities.Inline with regulatory requirements, UPS also submitted a request for approval of its OfferMemorandum to the Netherlands Authority for the Financial Markets.
The Offer Memorandum is expected to be published and the Offer is expected to commence duringthe second quarter in accordance with the applicable timetable. UPS expects the transaction to becleared by the European Commission in a short Phase 1 review and the transaction to be completed inthe third quarter.
