UPS’s Failed TNT Offer Wipes Out $55 Million in Bank Fees

Investment banks advising United Parcel Service Inc. and TNT Express NV on their blocked deal will miss about $55 million they were set to earn on the deal, which collapsed almost a year after the offer was first made.

UPS advisers Morgan Stanley, UBS AG, and Bank of America Corp. were set to reap as much as $30 million in fees if the company completed its acquisition of the Dutch parcel delivery service TNT, according to New York-based research firm Freeman & Co. Sellside advisers including Goldman Sachs Group Inc. and Lazard Ltd. were slated to earn as much as $25 million.