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Article: Norfolk Southern Increases Conrail Bid to $10 Billion.(Originated from Richmond Times-Dispatch, Va.)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 11, 1996
- Author:
CopyrightCOPYRIGHT 1996 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Nov. 11--Norfolk Southern Corp. yesterday intensified its game of financial "chicken" with rival CSX Corp. by raising its bid for Conrail to $10 billion.
And the company's chairman all but ruled out further discussions with CSX unless CSX agrees to a Norfolk Southern-Conrail merger.
Norfolk Southern's all-cash offer is worth about $17 per share more than CSX's latest $8.4 billion cash and stock offer. It raises the pressure on CSX to increase its own bid before the companies square off in court later this month.
"We've terminated discussions with CSX," David R. Goode, Norfolk Southern's chairman, president and chief executive ...