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March 16, 2000 9:10 AM, EST

United Parcel Service’s tender offer for as many as 100.9 million shares of restricted stock fell well short of that number.

Only 69.3 million shares were tendered as of the March 3 deadline, the company said.

UPS offered to buy the stock held by current and former employees, foundations and company insiders for $60 a share, using net proceeds of $5.27 billion from an initial public offering in November. The stock buyback was designed to give shareholders an opportunity to cash out a portion of their holdings while keeping the number of publicly traded shares to no more than 10% of the total shares outstanding.

UPS stock went public at $50 a share and traded as high as $76.94, but has recently fallen back to near $50 a share.

For the full story, see the Mar. 13 print edition of Transport Topics. .