(The Salt Lake Tribune posted the following story on its website on October 15.)
SALT LAKE CITY, Utah — Union Pacific Corp., owner of the largest U.S. railroad, may raise as much as $467.5 million from the planned initial public sale of shares in its Overnite Corp. trucking unit, according to a regulatory filing.
Union Pacific, which bought Overnite for $1.2 billion in 1986, plans to sell 25 million shares, with an option for underwriters to purchase another 2.5 million, the Richmond, Va.-based trucking unit said Tuesday in a U.S. Securities and Exchange Commission filing.
Union Pacific announced the offering in August, without saying how much it planned to raise.
Overnite said it expects an initial offering price of between $15 and $17 a share. It didn’t say when the shares will be sold. Union Pacific has said it expects the sale this year.
Overnite had sales last year of $1.33 billion, 11 percent of Union Pacific’s total.