[Stay on top of transportation news: Get TTNews in your inbox.]
Old Dominion Freight Line approved a three-for-two split of its common stock, the Thomasville, N.C.-based company announced Feb. 21.
The decision means that one additional share of common stock will be issued for every two shares of common stock held as of March 10.
Old Dominion provides regional, interregional and national services. The company also offers container drayage, truckload brokerage and supply chain consulting.
Broadridge Corporate Issuer Solutions will distribute the additional shares March 24. Old Dominion expects that approximately 119,500,000 shares will be outstanding upon completion of the split.
The company also noted in the announcement that shareholders will receive a cash payment based on the average of the high and low sales prices instead of fractional shares.
Old Dominion Freight Line ranks No. 9 on the Transport Topics Top 100 list of the largest for-hire carriers in North America. — Transport Topics
Want more news? Listen to today's daily briefing: