Old Dominion Freight Line declares stock split
August 3rd, 2010 Posted in FTL - Full Truck Load, International Freight Shipping Company, Logistics Services, LTL - Less Than Truck Load, Supply Chain, Transportation
The Associated Press
8/2/2010
THOMASVILLE, N.C. — Old Dominion Freight Line Inc. said it approved a 3-for-2 stock split for shareholders as of Aug. 9.
Shareholders will get certificates for the new shares, and instead of partial shares they will get cash based on the average of the high and low sales prices on the record date.
After the split, Old Dominion will have 55.9 million shares outstanding. It’s the fourth 3-for-2 split in slightly more than seven years. The company said the split will improve trading volume of its stock.
“We are pleased to declare this three-for-two stock split, which is our fourth three-for-two split in just over seven years. In making this decision, our Board of Directors considered our industry-leading financial performance together with our prospects for continued growth,” said David S. Congdon, president and CEO of Old Dominion. “This action, which we expect will improve the market liquidity and trading volume of our stock, reflects our board’s confidence in our ability to drive long-term value for Old Dominion’s shareholders.”
The shares rose 63 cents to $40.06 in morning trading.
