Western Railroad Discussion > overnight trucking

I did a search and could not find anything on it. So does any one on here know who bought over night trucking from U.P. and did motor cargo trucking go with the deal??

Thanks for any replys....chuck

The Union Pacific spun off Overnight Corp about October of 2003. It is now a publically traded company. Overnight Corp is the holding company for both Overnight Transportation and Motor Cargo.

Here is there web site link:

http://www.overnite.com/

Hope this answers your questions

Jimmy "B"
Reno, NV

Did the current UP stockholders get stock in the new OVernite Company as part of the spinoff??

rrfanatic Wrote:
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> Did the current UP stockholders get stock in the
> new OVernite Company as part of the spinoff??


They did not.

Incorrect nomenclature was used in a prior reply---it was not a spinoff, but rather, UP sold Overnite via an Initial Public Offering (IPO) of stock. There is a big difference between an IPO and a spinoff. An IPO is simply a sale, only not to a company, but rather to the stock market. A spinoff is actually a dividend, only not a cash dividend but rather a dividend of shares in a company.

In this case, the Overnite IPO raised over $500 million in cash for UP, which was used to retire certain high-cost borrowings that were undertaken when the SP-related meltdown happened and the company's cash flow was compromised.

BobE

Bob E,

Thank you for the correction and explanation of the differences.

Jimmy "B"

> Incorrect nomenclature was used in a prior
> reply---it was not a spinoff, but rather, UP sold
> Overnite via an Initial Public Offering (IPO) of
> stock. There is a big difference between an IPO
> and a spinoff. An IPO is simply a sale, only not
> to a company, but rather to the stock market. A
> spinoff is actually a dividend, only not a cash
> dividend but rather a dividend of shares in a
> company.