Dutch Logistics Co. TNT Rejects UPS' $6.43B Bid

Published February 17, 2012 8:00PM (EST)

NEW YORK (AP) — United Parcel Service, the world's largest package delivery company, is still in talks to acquire TNT Express even after the Dutch package delivery company rejected a $6.43 billion bid.

The bid works out to €9, or about $11.84, per share. That's based on TNT's 534.2 million outstanding shares.

TNT, Europe's second-largest express delivery company, said Friday that its supervisory and executive boards carefully considered the proposal from UPS Inc., which is based in Atlanta. Both companies confirmed they are still talking about other possible outcomes.

UPS says there is no guarantee that they will reach middle ground and make a deal.

TNT, which is based in Amsterdam, has been seen as a takeover target for some time.

By Salon Staff

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