Overnite Corporation Shareholders Approve UPS Merger
August 04 2005 - 1:05PM
PR Newswire (US)
RICHMOND, Va., Aug. 4 /PRNewswire-FirstCall/ -- Overnite
Corporation (NASDAQ:OVNT) shareholders on Thursday overwhelmingly
approved a proposed merger agreement with United Parcel Service,
Inc., which will complete the largest acquisition in UPS history.
The transaction should close tomorrow, August 5. Over 99 percent of
the stockholders present or represented at a special shareholders
meeting voted for adoption of the merger agreement. The votes cast
represented 85 percent of the total shares outstanding and eligible
to vote. "Drawing on the strength of two long-standing success
stories, today marks the beginning of a prosperous new era for
Overnite with unlimited potential to grow," Overnite Chief
Executive Officer Leo H. Suggs said after the shareholders meeting
held here. On May 15, 2005, UPS and Overnite entered into a merger
agreement whereby Overnite would become a wholly-owned subsidiary
of UPS in a cash transaction valued at approximately $1.25 billion.
The transaction price is worth $43.25 per share. Overnite
Corporation is one of America's leading less-than-truckload
transportation companies. Its principal operating company, Overnite
Transportation Company, operates in all 50 states, Canada, Puerto
Rico, Guam, the U.S. Virgin Islands and Mexico. Its other operating
company, Motor Cargo, is a regional, less-than-truckload carrier
primarily serving the western United States, Canada and Mexico.
Together, they form one of the largest less- than-truckload
carriers in the United States with more than 200 service centers.
UPS is the world's largest package delivery company and a global
leader in supply chain services, offering an extensive range of
options for synchronizing the movement of goods, information and
funds. Headquartered in Atlanta, Ga., UPS serves more than 200
countries and territories worldwide. UPS' stock trades on the New
York Stock Exchange (UPS) and can be found on the Web at UPS.com.
Additional information is available at Overnite's Web site:
http://www.ovnt.com/. Overnite's media contact is Ira Rosenfeld,
804-291-5362. Overnite's contact for investors is Mike Mahan,
804-231-8852. DATASOURCE: Overnite Corporation CONTACT: Ira
Rosenfeld, Director, OTC Corporate Communications, +1-804-291-5362,
Web site: http://www.overnite.com/ http://www.ovnt.com/
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