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Monday, May 16, 2005

UPS acquires Overnite (OVNT)

AP
UPS Inc. to Buy Overnite for $1.25B

Monday May 16, 8:01 am ET

ATLANTA (AP) -- Package-delivery company UPS Inc. on Monday said it is acquiring trucking firm Overnite Corp. for about $1.25 billion in cash, expanding its portfolio of ground-transportation services.

Under the deal, Overnite stockholders will receive $43.25 for each Overnite share.
Online Trading Comment
UPS will pay 46% premium for Overnite (OVNT) shares. Zacks' analysts brought out OVNT as the "bull of the day" stock exactly one week ago (May 9, 2005), saying:
We expect OVNT to continue to gain market share and generate higher operating margins over the next couple of years.

I would say, a very good call from Zacks. Although, the latest "bull of the day", Exelon (EXC), did not perform so well on friday.

Read further:
Yahoo (AP): UPS Inc. to Buy Overnite for $1.25B
See also:
Zacks: Bull of the Day for 09-MAY-05 - Overnite Corp (OVNT)
Zacks: Bull of the Day for 13-MAY-05 - Exelon Corp (EXC)

6 Comments:

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Anonymous Anonymous said...

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2/23/2012 11:44:00 AM  
Anonymous how to trade options said...

I did not know that UPS had redeemed this company. This shows that the company is trying to gain market shares and tends to become a monopoly.

2/24/2012 09:34:00 AM  
Anonymous PENNY STOCKS said...

Looks of takovers.

12/03/2012 01:34:00 PM  
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