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United Parcel Service to Buy Overnite Corp. | The Money Times

Money Matters - Simplified

United Parcel Service to Buy Overnite Corp.

&nbsp

United Parcel Service Inc., the world’s largest package-delivery company, agreed to buy trucking company Overnite Corp. for $ 1.25 billion to increase ground- shipment services.

UPS will pay $ 43.25 for each share of Overnite, the companies said in a statement. The price is 46 percent higher than Overnite’s share price at the end of trading Friday. Overnite’s board unanimously approved the agreement.

The acquisition, scheduled to close in the third quarter, will require regulatory approval and the approval of Overnite shareholders. Overnite’s management will remain in place to run the business.

``We want to offer our customers the broadest portfolio of transportation and logistics services available from a single source and this is an important capability that we needed to have,’’ Mike Eskew, UPS’s chairman and chief executive officer, said in the statement.

Overnite, based in Richmond, Virginia, reported net income of $ 63.3 million in 2004 on sales of $ 1.65 billion. The company has more than 60,000 customers.


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