Summary Box: TNT posts 4Q loss, mum on UPS

AP News
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Posted: Feb 21, 2012 1:18 PM
Summary Box: TNT posts 4Q loss, mum on UPS

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.