UPS SHAREHOLDERS APPROVE IPO PLANS
United Parcel Service’s shareholders have approved the Atlanta-based
transportation firm’s plans to offer 10 percent of its stock to the public this year.
More than 90 percent of UPS’s shares outstanding voted in favor of the IPO,
which will take place on the New York Stock Exchange likely in November.
UPS intends to sell more than 109 million shares to the public in a
price range of $36 to $42 per share. The company could raise up to $4.6 billion in what
would be the largest IPO ever.
Analysts expect the IPO to kick-start another round of consolidation
among major companies in the transportation and logistics industries.