Fritz Companies Acquired by United Parcel Service.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--May 24, 2001 Fritz Companies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : FRTZ) today announced the completion of the acquisition of Fritz by United Parcel Service United Parcel Service, Inc. (NYSE: UPS), commonly referred to as UPS, is the world's largest package delivery company, delivering more than 15 million packages[1] a day to 6.1 million customers in over 200 countries and territories around the world. , Inc. (NYSE NYSE See: New York Stock Exchange : UPS). Fritz shareholders approved the transaction at a special meeting held yesterday, and the acquisition was consummated today by a tax-free merger whereby Fritz became a separate, wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of UPS. Each issued and outstanding share of Fritz common stock was converted into the right to receive 0.2 of a share of UPS Class B common stock. The total value of the transaction is approximately $437 million based on yesterday's UPS closing price. Fritz common stock will be delisted from the Nasdaq National Market, effective at the close of trading today, and Fritz has filed a Form 15 to deregister its common stock with the Securities and Exchange Commission. "We are very pleased that our shareholders approved the transaction and look forward to joining forces with UPS," stated Graham R.F. Napier, Fritz's President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Building on the strengths of each other, we will be a powerful force in the provision of global logistics services and other related services to our customers." This press release may contain "forward-looking" statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. As such, they involve risk and uncertainty that actual results may differ materially from those projected in the forward-looking statements. A discussion of the important factors and assumptions regarding the statements and risks involved is contained in the Company's filings with the Securities and Exchange Commission. |
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