Newspaper article THE JOURNAL RECORD

Union Pacific Extends Uspci Tender Offer

Newspaper article THE JOURNAL RECORD

Union Pacific Extends Uspci Tender Offer

Article excerpt

New York-based Union Pacific Corp. announced Monday it has extended its tender offer for USPCI Inc. until 6 p.m. Eastern Standard time Wednesday, in order to amend its offer for the Oklahoma City-based hazardous waste disposal company.

Union Pacific and USPCI entered into a merger agreement last week under which Union Pacific will increase the cash price being offered for all outstanding USPCI shares from $25 to $28 per share with an indicated value of about $415 million.

Union Pacific also announced that, as of Dec. 18, approximately 1,564,717 shares of USPCI common stock had been validly tendered pursuant to the offer.

An additional 58,256 USPCI shares had been tendered pursuant to notices of guaranteed delivery.

Union Pacific has been attempting for the past two months to acquire USPCI and has also expressed an interest in USPCI's its major shareholder, the Beard Co. of Oklahoma City.

While an agreement in principle has been reached with USPCI, Union Pacific is still negotiating with the Beard Co. …

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