In a deal announced Monday, United Parcel Service has agreed to buy Dutch shipping company TNT Express for $6.8 billion after initially being spurned.
The deal’s terms call for Atlanta-based UPS to pay $12.58 a share in cash for TNT Express-a 54 percent premium over the target company’s trading price on February 16, the day before UPS confirmed that it was considering a TNT Express takeover. The deal is subject to regulatory approvals and is expected to close in the third quarter of the year, according to the Associated Press.