- May 13, 2015
Reference is made to the joint press releases by FedEx Corp. (NYSE:FDX) (FedEx) and TNT Express N.V. (TNT Express) dated 7 April 2015 and 1 May 2015 in respect of the intended recommended public cash offer for all issued and outstanding ordinary shares in the capital of TNT Express at an offer price of €8.00 (cum dividend) for each TNT Express ordinary share (on a fully diluted basis), subject to customary conditions (the Offer).
Financing of the offer for TNT Express in place
The Offer values 100% of the issued and outstanding TNT Express ordinary shares at approximately €4.4 billion. FedEx will be able to finance the aggregate consideration of the Offer by utilizing available cash on its balance sheet and through existing and new debt arrangements. FedEx will be able to pay approximately €1.5 billion of the Offer consideration with cash from its own available resources. In addition, FedEx has secured fully committed debt financing in the amount of €2.0 billion, subject to customary conditions, and can utilize an existing credit facility for an amount of approximately €0.9 billion.
Filing of Offer Document
FedEx expects to submit a request for review and approval of its Offer Document with the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, AFM) in any event before June 30, 2015, which is the date by which under Dutch law a request for approval must be submitted to the AFM.
