Union Pacific Corp. (UNP), an American rail road operator, Friday announced that 99.5 percent of shareholder votes were in favor of issuing new shares of Union Pacific common stock in connection to its acquisition of Norfolk Southern.
Previously, Union Pacific was to acquire Norfolk Southern in a cash and stock transaction for $320 per share based on Union Pacific's unaffected closing stock price on July 16, bringing the total transaction to $85 billion and resulting in the creation of a combined enterprise of over $250 billion.
The combined establishment would connect over 50,000 route miles across 43 states from the East Coast to the West Coast, linking approximately 100 ports and nearly every corner of North America, as per the company.
Currently, UNP shares are trading at $221.96, up 0.22% on the New York Stock Exchange.
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