UPS (NYSE:UPS) goes forward with its public cash bid of €9.50 for all outstanding shares of TNT Express, as the latter’s executive and supervisory boards “fully support and unanimously recommend” that shareholders accept the offer. The tender offer period will be in effect from June 22 to August 31.
Invensys (IVNYY.PK) comes up with no bid for itself, as it held preliminary discussions to that effect. It’s said that interested third parties included Emerson Electric (NYSE:EMR), but the talks ended with no results.
Blackstone (NYSE:BX) is poised, report sources, to divest its troubled German plastics firm, Kloeckner Pentaplast, to a group led by hedge fund SVP. The seller’s remaining equity investment of $127 million will be erased by the deal, but senior lenders should see no initial losses.
3M (NYSE:MMM) acquires Federal Signal’s (NYSE:FSS) FSTech unit, which produces hardware and software that is used in electronic tolling, parking and access control and law enforcement. FSS will use the $110 million in proceeds to help reduce its outstanding debt, which reached $235 million by the end of March.
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