Deals
TNT Express Faces Investor Pressure for Improved UPS Deal
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TNT Express NV, Europe’s second-largest express-delivery service, is facing pressure to seal an improved sale agreement with United Parcel Service Inc. as investor confidence in its ability to improve margins flags.
TNT Express, which said Feb. 17 it rejected a 4.89 billion-euro ($6.43 billion) takeover offer from UPS, is seeking a bid higher than the current 9 euros per share, according to a person familiar with the negotiations who asked not to be identified because the talks are private. The bid represented a 42 percent premium on the stock’s Feb. 17 closing price in Amsterdam.