Overnite's Stockholders Approve Acquisition by UPS

August 4, 2005 1:30 PM, EDT

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img src="/sites/default/files/images/articles/newups.jpg" width=50 align=right>Shareholders of Overnite Corp. Thursday approved a merger with package carrier UPS Inc., the companies said in a statement.

The $1.25 billion deal — the largest in UPS history — combines the world’s largest package delivery company and logistics services provider with the nation’s fifth-largest less-than-truckload freight carrier.

Overnite is the parent of Overnite Transportation in Richmond, Va., and Motor Cargo Industries in Salt Lake City.

Overnite ranked No. 20 on the 2005 Transport Topics 100 list of for-hire carriers in the U.S. and Canada. UPS ranked No. 1.

Overnite will operate as a wholly owned subsidiary of UPS, company officials said.