TUI mails offer to CP Ships’ shareholders
Hapag-Lloyd parent company, TUI AG, has formally mailed its offer of $21.50 per share to the CP Ships shareholders.
At the same time, the board of CP Ships also informed shareholders of Its “unanimous recommendation” of TUI’s bid.
TUI’s offer is open for acceptance until 6:00 p.m. (EDT) Oct. 7. If TUI’s bid is accepted by two-thirds of CP Ships shareholders, the two parties expect to conclude the deal in October.