Shareholders approve Overnite buyout

Shareholders of Richmond, VA-based LTL carrier Overnite Corp. have given the green light to the buyout offer made by United Parcel Service. Over 99% of stockholders present or represented at a special shareholders’ meeting voted for adoption of the merger agreement, said Overnite, with the votes cast representing 85% of the total shares outstanding and eligible to vote.

The buyout deal is worth $43.25 per share, which adds up to a $1.25-billion purchase price – the largest buyout deal in UPS’s history, said Overnite’s CEO Leo Suggs.

“Today marks the beginning of a prosperous new era for Overnite with unlimited potential to grow,” he added.