UP UNVEILS TERMS
OF STOCK, CASH EXCHANGEBETHLEHEM, Pa. - Union Pacific Corp. announced the terms for the stock and cash exchange resulting from its merger last week with Southern Pacific Rail Corp.
The $5.4 billion merger, which created the largest U.S. railroad, included the exchange of one share of SP stock for 0.4065 share of UP's stock.
UP announced that each SP share offered to UP would be subject to a proration factor of 0.80.
SP shareholders who elected to receive cash received a $25 a share payout Monday.
Stock certificates will be mailed later this week.
STILL IN WORKS, ACL SAYS
SOUTH PLAINFIELD, N.J. - Atlantic Container Line said it was ''premature'' in announcing new procedures for truckers at its roll-on, roll-off terminal in Port Elizabeth.
Last week the carrier sent a letter to customers announcing a prenotification plan for trucks coming to the terminal. In a subsequent letter, ACL said ''procedural details have not been finalized.''
''We are working diligently with Maher Terminals to complete this process and should be in a position shortly to implement these improvements,'' ACL said. ''We apologize for any inconvenience this may have caused to your operation.''