Overnite (NASDAQ:OVNT)
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Overnite Corporation Shareholders to Consider UPS Merger on Aug.
4
RICHMOND, Va., June 28 /PRNewswire-FirstCall/ -- The Board of Directors of
Overnite Corporation (NASDAQ:OVNT) has set August 4, 2005 as the date of the
special meeting of Overnite shareholders to vote on a proposal to approve and
adopt the agreement of merger pursuant to which Overnite will become an
indirect wholly-owned subsidiary of United Parcel Service, Inc. in a cash
transaction valued at approximately $1.25 billion, or $43.25 per share. The
special meeting will be held at 11:00 a.m., Richmond, Virginia time, at the
offices of Hunton & Williams LLP, Riverfront Plaza, East Tower, 951 East Byrd
Street, Richmond, Virginia.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050408/OVNTLOGO )
Shareholders of record at the close of business on June 27, 2005 are entitled
to notice of and to vote on the merger proposal at the special meeting.
A more detailed description of the merger proposal will be included in the
definitive proxy statement that Overnite will mail to its shareholders in
connection with the merger. It is anticipated that the proposed merger will be
completed shortly after approval of the merger proposal by Overnite
shareholders at the special meeting and the satisfaction or waiver of customary
conditions. Upon the unanimous recommendation of a special committee of the
Overnite Board of Directors, the Overnite Board of Directors has unanimously
approved and adopted the merger proposal and recommended approval and adoption
of the merger proposal by its shareholders.
Overnite Corporation is one of America's leading less-than-truckload
transportation companies. Its principal operating company, Overnite
Transportation Company, operates in all 50 states, Canada, Puerto Rico, Guam,
the U.S. Virgin Islands and Mexico. Its other operating company, Motor Cargo,
is a regional, less-than-truckload carrier primarily serving the western United
States, Canada and Mexico. Together, they form one of the largest less-
than-truckload carriers in the United States with more than 200 service
centers.
UPS is the world's largest package delivery company and a global leader in
supply chain services, offering an extensive range of options for synchronizing
the movement of goods, information and funds. Headquartered in Atlanta, Ga.,
UPS serves more than 200 countries and territories worldwide. UPS' stock trades
on the New York Stock Exchange (UPS) and can be found on the Web at UPS.com.
Additional information is available at Overnite's Web site:
http://www.ovnt.com/. Overnite's media contact is Ira Rosenfeld, 804-291-5362.
Overnite's contact for investors is Mike Mahan, 804-231-8852.
Except for historical information contained herein, the statements made in this
release constitute forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements, including statements regarding the
intent, belief or current expectations of UPS and Overnite and their
management, involve certain risks and uncertainties. Certain factors may cause
actual results to differ materially from those contained in the forward-looking
statements, including the risks discussed in the companies' Forms 10-K and
other filings with the Securities and Exchange Commission (SEC), which
discussions are incorporated herein by reference.
Additional Information about the Merger
In connection with the merger, Overnite has filed with the SEC a definitive
proxy statement. In addition, UPS and Overnite will file other relevant
documents concerning the merger with the SEC. We urge investors to read the
definitive proxy statement and any other relevant documents when they become
available because they will contain important information about UPS, Overnite
and the merger. Investors will be able to obtain the documents free of charge
at the SEC's Website, http://www.sec.gov/. Documents filed by UPS with the SEC
can be obtained by contacting UPS at the following address and telephone
number: 55 Glenlake Pkwy. NE, Atlanta, GA 30328, 404-828-6000. Documents filed
by Overnite with the SEC can be obtained by contacting Overnite at the
following address and telephone number: 1000 Semmes Ave., Richmond, VA 23224,
804-231-8852. We urge you to read the definitive proxy statement and any other
relevant documents when they become available carefully before making a
decision concerning the merger.
Overnite and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the shareholders of Overnite
in connection with the merger. Information about the directors and executive
officers of Overnite and their ownership of Overnite common stock is set forth
in Overnite's definitive proxy statement, dated June 28, 2005, as filed with
the SEC.
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DATASOURCE: Overnite Corporation
CONTACT: Ira Rosenfeld, Director, OTC Corporate Communications,
+1-804-291-5362 or
Web site: http://www.overnite.com/
http://www.ups.com/