Overnite's Stockholders Approve Acquisition by UPS
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 will operate as a wholly owned subsidiary of UPS, company officials said.