TNT Rejects UPS’ $6.4 Billion Bid

TNT Express rejected an approximately $6.4 billion takeover bid from UPS Inc., news services reported late Friday.

The Netherlands-based shipping and logistics company said talks were continuing, the New York Times reported.

TNT said the offer was worth 9 euros a share, about a 46% premium to Thursday’s closing share price, the Times reported on its website.

UPS confirmed the talks in a statement on its website, but cautioned there was “no certainty that any agreement will be reached.”

UPS Inc. is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.