Shares in Dutch express mail firm TNT Express rose 50% when the Amsterdam stock exchange opened on Monday, following UPS’ offer for the company on Friday.

UPS offered the equivalent of around €9 a share for TNT Express, a 42% premium on the company’s Friday close.
TNT rejected the offer, raising the prospect of a bidding war for the Dutch firm, the second largest express delivery service in Europe. UPS competitor FedEx is also interested in the company, international news agencies said.
According to Bloomberg, a source said the Dutch company’s board is also unhappy with conditions attached to the UPS offer which may lead to job cuts and the sale of parts of the company to meet regulatory approval.
TNT Express was created in May last year when TNT divided into two. The Dutch postal operator, now named PostNL, holds almost 30% of the shares in its former express arm.
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