BASEL, Switzerland and BONN, Germany, Feb. 10 /PRNewswire/ -- Deutsche
Post AG announced today that its tender offer to purchase all outstanding
shares of Air Express International Corporation (Nasdaq: AEIC) at
$33 per share in cash expired at 12:00 midnight, New York City time on
Wednesday, February 9, 2000. Deutsche Post has accepted for payment all
Air Express International shares validly tendered and not withdrawn prior to
the expiration of the offer.
Based on a preliminary count, approximately 32,301,523 shares of Air
Express International (approximately 96% of the outstanding shares) were
tendered. Payment for the shares accepted for payment is expected to be made
On November 15, 1999, Deutsche Post announced that it had signed a
definitive merger agreement with Air Express International Corporation. As a
result of the merger, the shares of Air Express International that were not
acquired in the tender offer will be converted into the right to receive
$33 per share in cash, and Air Express International will become a wholly-
owned subsidiary of Deutsche Post. Deutsche Post plans to proceed promptly
with the steps necessary to complete the merger.
Air Express International will be integrated into the Intercontinental
Business Unit of Danzas, a subsidiary of Deutsche Post AG. Danzas
Intercontinental and Air Express International are both well established,
world class providers of integrated logistics services on a global basis.
Danzas Intercontinental/AEI will be number one in Air freight and become one
of the top 5 companies around the world in Ocean freight forwarding. Both
operate extensive worldwide networks offering superior services. Combining the
two networks will enable Danzas Intercontinental/AEI with its more than
12,000 employees to further expand geographic coverage and service offerings
allowing it to serve customers from a single source (one-stop shopping). The
high service level is based on a worldwide IT network.
SOURCE Deutsche Post AG