NATION : Federal Express to Buy Tiger

Federal Express Corp., the overnight package-delivery company, said today it agreed to acquire cargo transport concern Tiger International Inc. for about $880 million, a move that will enable it to expand its international operations.

The company plans to start its tender for all Tiger shares at $20.875 a share on Tuesday. Tiger shares were halted on the New York Stock Exchange, but Jefferies & Co., a Los Angeles-based brokerage house that makes a market in stock during off-hours, said Tiger shares were priced at between $19.75 and $20.