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Article: Conrail's new suitor: Norfolk Southern chugs past CSX offer.(Business)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- October 24, 1996
- Author:
CopyrightCOPYRIGHT 1996 News World Communications, Inc. 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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CSX Corp.'s bid to dominate the rail industry east of the Mississippi was topped yesterday by Norfolk Southern Corp., which offered $1 billion more to acquire competitor Conrail Inc.
A week after Richmond-based CSX announced it had an agreement to buy Philadelphia-based Conrail, Norfolk Southern made a $9.1 billion cash counteroffer to Conrail shareholders and filed suit in federal court to break down potential barriers to the offer.
Norfolk Southern's bid sets the stage for a battle between the two railroads over Conrail's 11,500 miles of track, a network both of them need to extend their reach into the Northeast.
"This proposal is better on ...