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Valuation for Mergers and Acquisitions, Second Edition by Barbara S. Petitt, Kenneth R. Ferris

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7. Some Final Thoughts

Market View

In February 2012, United Parcel Service (UPS), the world’s largest logistics company, submitted an unsolicited offer for TNT Express, the Dutch delivery company. After months of trying to negotiate a friendly agreement with TNT’s management, UPS’s management decided to take its offer directly to TNT’s shareholders. UPS proposed to pay €9 a share to acquire TNT, a 42 percent premium to TNT’s share price the day before the announcement of the proposed transaction. In March 2012, UPS increased its offer to €9.50 and won TNT’s management approval.

Many investors were confident that the deal would go ahead, even after the European Union (E.U.) Competition Commission launched an in-depth investigation into the proposed ...

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