US Overnite investors accept UPS offer
Shareholders of trucking company Overnite Corp. on Thursday overwhelmingly approved a proposed USD1.25 billion acquisition by UPS Inc., the world’s largest package delivery company.
The cash transaction, which values Overnite shares at USD43.25, is scheduled to close Friday. The buyout already has been approved by the Federal Trade Commission.
The combination will expand UPS’ ground transportation in North America. As a result, Atlanta-based UPS will become a top motor freight carrier and will better compete against rivals such as FedEx Corp.
Both UPS and Overnite agreed to the deal on May 15.
