UPS formally notified the U.S. Securities and Exchange Commission that it is extending the Aug. 31 deadline until Nov. 9 for shareholders of TNT Express to accept its offer to buy their shares and take control of the Dutch express delivery company.
The Atlanta-based company first announced the postponement on Aug. 22.
Earlier this year UPS agreed to acquire TNT, one of the Big Four express carriers, for $6.5 billion. The dollar value of the deal keeps changing as the euro fluctuates.
UPS and TNT said the extension is necessary because not all conditions for completing the sale have been met.
UPS now says it expects to close the transaction in early 2013 after the European Commission also said it needed extra time to review the market impact of the merger.
The combination will instantly give UPS much greater access to the European market, with a full network of infrastructure and customer base already in place.
TNT used to be an integrated logistics provider like UPS, but several years ago sold its freight logistics business to an investment group backing CEVA Logistics. - Eric Kulisch