UPS Fritz purchase to close this week
United Parcel Service hopes to close its purchase of Fritz Cos., the long-established freight-forwarding company, by the end of this week.
The results of a vote by Fritz shareholders are expected to be disclosed at a special shareholders meeting Wednesday morning in San Francisco.
“Assuming it’s a positive vote, the intent is to close this week,” said UPS spokesman Norman Black. The actual date has not yet been determined but would probably be Thursday or Friday, he said.
Under the agreement Fritz shareholders would receive 0.2 shares of UPS stock for each share of Fritz stock. Based on current prices, that would be approximately $450 million.
William Armbruster can be reached at barmbruster@joc.com.
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