Overnite Withdraws IPO; Strike Threat Continues
Overnite Transportation Corp. withdrew its registration for an initial public offering Sept. 14, citing “current market conditions” as the reason.
Overnite officials said there is no link between the IPO withdrawal and the company’s current labor battles.
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The stock sale, which has been in limbo for more than a year, would turn Overnite from a wholly owned subsidiary of Union Pacific Corp., the nation’s largest railroad, into an independent trucking company.
Meanwhile, as reports of the withdrawal made the rounds in trucking circles, the Teamsters union continued to threaten the company with a national strike of its 162 facilities unless its complaints of unfair labor practices are resolved.
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