WHAT'S UPS? TNT Express NV sidestepped questions about an unsolicited UPS takeover bid, announcing instead an abrupt switch in strategy to focus on European operations after posting a large fourth-quarter loss.
NO THANKS: TNT rejected the bid, which values the Netherlands-based company at $6.43 billion, but says it is in talks with UPS.
MORE TO COME: investors believe a higher offer is likely, as shares soared more than 60 percent Monday. They dropped in trading Tuesday, but were still well above the UPS bid of $1.87 per share.