	uspci upc seen rejecting union pacific bid share bid made last wednesday by union pacific corp unp analysts said the offer is inadequate said douglas augenthaler an analyst with e f hutton noting that it does not represent the needed premium over the company s fundamental value based on earnings estimates uspci which has mln shares outstanding was trading at down uspci vice president of finance larry shelton said he could not comment on the adequacy of the offer or on when the board would meet to consider it augenthaler said that while uspci was trading at only dlrs a share at the time of the takeover bid its announcement that same day of higher earnings expectations changed its value uspci said its second quarter earnings would exceed analysts expectations of to cts a share at that price uspci could maintain a stock price in the low s augenthaler said hutton revised its earnings estimate for the waste management concern to dlrs a share from dlrs on the announcment he said it lifted its projection to dlrs a share from dlrs in addition analysts said the hazardous waste management business holds significant growth potential the industry has grown from to pct over the last five years based on earnings per share said jeffrey klein an analyst with kidder peabody and co the industry is expected to continue growing at to pct over the next five years he said augenthaler said the dlr a share offer or mln dlrs total would be a bargain for union pacific the transportation and energy company would both gain entry into a profitable business and win cost control benefits he said union pacific has what are rumored to be some fairly signficant environmmental problems of its own he said herb mee jr president of beard oil co bec which holds a pct stake in uspci said last week union pacific s offer was grossly inadequate reuter 
