Overnite’s Stockholders to Vote Aug. 4 on Acquisition by UPS
ess-than-truckload carrier Overnite Corp.’s board of directors said late Tuesday that the company’s shareholders will vote Aug. 4 on Overnite’s pending acquisition by UPS Inc.
The deal is a cash transaction valued at about $1.25 billion, or $43.25 per share, the company said. The deal was first announced on May 16. (Click here for previous coverage.)
Shareholders of record at the close of business on June 27 will be entitled to vote on the merger proposal at the special meeting.
Overnite said it would include a more detailed description of the merger proposal in a proxy statement it will mail to its shareholders. “It is anticipated that the proposed merger will be completed shortly after approval of the merger proposal by Overnite shareholders at the special meeting,” the company said in a statement.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers. Overnite is No. 17.
