Union Pacific Corporation (NYSE: UNP) has announced that 99.5% of votes cast by its shareholders were in favor of issuing new shares of Union Pacific common stock in connection with its Norfolk Southern merger. This represents a significant show of support from the company's shareholders for the proposed transaction.
The preliminary vote count from the special meeting of shareholders represented nearly 80% of all outstanding shares. This indicates a strong level of shareholder engagement and participation in the decision-making process.
Union Pacific CEO Jim Vena emphasized the value that shareholders see in the merger, citing their understanding that it will unlock new opportunities to enhance service, growth, and innovation. He also expressed the company's anticipation of filing the application with the Surface Transportation Board (STB) and detailing how the transaction will provide seamless, single-line service across the country to improve transit times, increase reliability, and strengthen the competitiveness of U.S. rail.
The transaction is now subject to STB review and approval within its statutory timeline, as well as customary closing conditions. This indicates that the company has moved one step closer to completing the merger with Norfolk Southern.
As a result of these announcements, the company's shares have moved -0.63% on the market, and are now trading at a price of $221.61. For more information, read the company's full 8-K submission here.
