UP successful in Overnite spinoff
Union Pacific Corp. is expected to complete the spin off of its nationwide trucking subsidiary, Overnite Transportation, today.
The railroad holding company Friday began an initial public offering of 25 million shares priced at $19 per share. Shares in the less-than-truckload began trading on the Nasdaq stock exchange Friday.
Union Pacific estimates it will net about $575 million from the stock offering. Shares of Overnite closed at $22.89 Monday, almost $3 above the initial offering price.