UPS and TNT Express said Wednesday the Netherlands Authority for the Financial Markets (AFM) has granted an exemption to extend the period for the proposed acquisition of TNT Express.
The offer period is further extended until one week after clearances from the European Commission and the Chinese Ministry of Commerce (MOFCOM) have been obtained, but under no circumstances later than Feb. 28, 2013.
UPS and TNT Express expect the competition clearances from the EC and MOFCOM to be the last material ones received.
The companies said the required competition clearances will not be obtained by the expiry of the current offer period, which ends Nov. 9.
UPS and TNT Express expect the proposed acquisition to close in early 2013. - Chris Dupin