With the publication of the Offer Memorandum, and with reference to the joint press release of United Parcel Service, or UPS, and TNT Express N.V. of March 19, UPS BidCo B.V., a wholly owned subsidiary of UPS, or the Offerer, and TNT Express hereby jointly announce that the Offeror is making a public cash offer for all the issued and outstanding ordinary shares with a nominal value of EUR 0.08 each, and all American depositary shares representing Ordinary Shares, each ADS representing one Ordinary Share in the share capital of TNT Express N.V. The UPS statement added that TNT Express' boards "fully support and unanimously recommend the offer" to company shareholders. TNT Express shareholder PostNL NV, currently owning about 29.8% of the company, "has irrevocably undertaken to tender its shares under the offer," the UPS statement added. The UPS offer will open June 22 and close Aug. 31. TNT Express will hold an extraordinary general meeting Aug. 6 to discuss the offer.
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