Transportation Industry
CSX, NS escalate their bidding war
Railway Age, Jan, 1997
The torrid, costly courtship of Conrail shareholders by CSX and Norfolk Southern heated up and became even costlier late in December.
CSX increased its cash-and-stock bid for Conrail to more than $102 a share, or nearly $9.4, billion. NS responded by upping its own all-cash offer to $115 a share, or $10.5 billion. The next date to watch is Jan. 17, when Conrail shareholders are scheduled to decide whether to opt out of a Pennsylvania statute that now prevents CSX from buying a second 20% stake in CR.
If the shareholders vote to do so, the way could be clear for CSX to complete its takeover.
COPYRIGHT 1997 Simmons-Boardman Publishing Corporation
COPYRIGHT 2008 Gale, Cengage Learning
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