OVERNITE TO ACQUIRE MOTOR CARGO
Union Pacific’s trucking subsidiary, Overnite Holding Inc., will expand its western market reach with a plan to acquire Motor Cargo.
The merger agreement provides for a first-step exchange offer for all Motor Cargo shares, in which Motor Cargo shareholders may elect to tender their shares for either cash, at $12.10 per share, or shares of Union Pacific stock, at an exchange ratio of 0.26 shares of Union Pacific stock for each share of Motor Cargo.
Based in Salt Lake City, Motor Cargo is a western regional less-than-truckload motor carrier providing comprehensive service throughout 10 western states.
Overnite provides nationwide LTL regional, inter-regional and long haul service with full state coverage in 32 states east of the Rockies.