Overnite shareholders approve acquisition by UPS

<p>Shareholders of trucking company Overnite Corp. on Thursday overwhelmingly approved a proposed $1.25 billion acquisition by UPS Inc., the world's largest package delivery company.</p><p>The cash transaction, which values Overnite shares at $43.25, is scheduled to close Friday. The buyout already has been approved by the Federal Trade Commission.</p><p>The combination will expand UPS's ground transportation in North America. As a result, Atlanta-based UPS will become a top motor freight carrier and better compete against rivals such as FedEx Corp.</p><p>Both UPS and Overnite companies agreed to the deal on May 15.</p><p>UPS _ formerly known as United Parcel Service Inc. _ said its delivery trucks handle packages up to 150 pounds. Overnite's so-called "less-than-truckload" service combines smaller shipments of more heavier freight from several customers, while its "truckload" service transports items for just one customer.</p><p>More than 99 percent of Overnite stockholders present or represented at Thursday's special shareholders meeting voted to adopt the merger agreement.</p>

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