USPCI Inc. and Union Pacific Corp. have...

USPCI Inc. and Union Pacific Corp. have begun talks to explore the possibility of a negotiated merger, USPCI officials said. Union Pacific has an outstanding hostile buyout offer of $25 a share for USPCI’s 14.1 million outstanding common shares, or about $352.5 million. Oklahoma City-based USPCI, a hazardous waste management firm, rejected the Union Pacific bid Dec. 4. The company said it has suspended negotiations relating to possible acquisition of another business that could have involved issuance of a substantial amount of USPCI shares.