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UPS going private again.....
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<blockquote data-quote="djbeckett" data-source="post: 174396" data-attributes="member: 5157"><p>Let me rephrase my question. Do you think UPS will eventually buy back enough shares to go private in the next 10 years?</p><p></p><p>UPS went public once before in 1929 and in 1933 it went back to being </p><p> private. </p><p> In 1999, UPS went public again. </p><p> <a href="http://money.cnn.com/magazines/fsb/fsb_archive/2003/04/01/341024/index.htm" target="_blank">http://money.cnn.com/magazines/fsb/fsb_archive/2003/04/01/341024/inde...</a> </p><p> "...But James Casey's most enduring legacy, even more so than his </p><p> business achievements, is the work culture at UPS. "The basic </p><p> principle which I believe has contributed more than any other to the </p><p> building of our business as it is today," he said in 1955, "is the </p><p> ownership of our company by the people employed in it." Casey's belief </p><p> in being privately held was in part a reflection of his own closely </p><p> guarded persona. "We have kept confidential facts and figures pretty </p><p> close to ourselves," he once said, "as most prudent people would do </p><p> with their own private affairs." But that attitude was definitely </p><p> shaped by what was perhaps the biggest threat UPS ever faced: Its </p><p> abortive attempt to go public in 1929. There's little information on </p><p> it, and Casey never liked discussing the move. "The arrangement did </p><p> not work out entirely as contemplated" was about as expansive as he </p><p> got, and UPS managers were able to recover all the stock by 1933. </p><p> After that he routinely dismissed publicly traded companies as being </p><p> owned by "absentee stockholders" and run by "hired men." </p><p> </p><p>Casey believed in employee ownership because he felt it led to a more </p><p> committed workforce. "You treat the business like it's yours because </p><p> it is," says Jim Kelly, a 37-year UPS vet who retired as CEO in 2002. </p><p> Once a driver or package handler was promoted to supervisor, he or she </p><p> became a partner and was permitted to own company stock, which could </p><p> be sold back to UPS upon retirement. </p><p> </p><p>In the late 1990s company executives had to address how to balance </p><p> this entrenched attitude with the company's need for the currency of </p><p> publicly traded stock to make acquisitions. "We agonized about whether </p><p> we could go public and maintain our corporate culture," said Kelly, </p><p> who led an IPO in 1999. "If we couldn't reconcile the two, we wouldn't </p><p> have done it." UPS offered just 10% of its stock to the public. ....." </p><p></p><p></p><p>From what I have read it seems that UPS does not plan on staying public indefinitely. I think they have an exit plan back to being a private employee owned company.</p><p></p><p>What is your take on the topic?</p></blockquote><p></p>
[QUOTE="djbeckett, post: 174396, member: 5157"] Let me rephrase my question. Do you think UPS will eventually buy back enough shares to go private in the next 10 years? UPS went public once before in 1929 and in 1933 it went back to being private. In 1999, UPS went public again. [URL="http://money.cnn.com/magazines/fsb/fsb_archive/2003/04/01/341024/index.htm"]http://money.cnn.com/magazines/fsb/fsb_archive/2003/04/01/341024/inde...[/URL] "...But James Casey's most enduring legacy, even more so than his business achievements, is the work culture at UPS. "The basic principle which I believe has contributed more than any other to the building of our business as it is today," he said in 1955, "is the ownership of our company by the people employed in it." Casey's belief in being privately held was in part a reflection of his own closely guarded persona. "We have kept confidential facts and figures pretty close to ourselves," he once said, "as most prudent people would do with their own private affairs." But that attitude was definitely shaped by what was perhaps the biggest threat UPS ever faced: Its abortive attempt to go public in 1929. There's little information on it, and Casey never liked discussing the move. "The arrangement did not work out entirely as contemplated" was about as expansive as he got, and UPS managers were able to recover all the stock by 1933. After that he routinely dismissed publicly traded companies as being owned by "absentee stockholders" and run by "hired men." Casey believed in employee ownership because he felt it led to a more committed workforce. "You treat the business like it's yours because it is," says Jim Kelly, a 37-year UPS vet who retired as CEO in 2002. Once a driver or package handler was promoted to supervisor, he or she became a partner and was permitted to own company stock, which could be sold back to UPS upon retirement. In the late 1990s company executives had to address how to balance this entrenched attitude with the company's need for the currency of publicly traded stock to make acquisitions. "We agonized about whether we could go public and maintain our corporate culture," said Kelly, who led an IPO in 1999. "If we couldn't reconcile the two, we wouldn't have done it." UPS offered just 10% of its stock to the public. ....." From what I have read it seems that UPS does not plan on staying public indefinitely. I think they have an exit plan back to being a private employee owned company. What is your take on the topic? [/QUOTE]
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