TNT Express NV (1.0%) (TNTE – $8.47/€7.79 – Amsterdam Stock Exchange) (TNTE, Financial) is a Dutch logistics company operating in the global express parcel delivery industry. On April 7, 2015, the company received a €4.4 billion cash tender offer from global logistics and freight company FedEx Corp. TNT was previously the subject of a failed takeover by UPS, which was blocked by the European Commission. Unlike this previous attempt, the FedEx tender has already been approved by regulators in the U.S. and Europe. The tender is currently pending regulatory approval in China and Brazil, among other jurisdictions, and is expected to close in the second quarter of 2016.
From Mario Gabelli (Trades, Portfolio)'s ABC Fund Merger and Arbitrage shareholder letter for the fourth quarter 2015.