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Article: CONRAIL VOTERS REJECT CSX BID NORFOLK SOUTHERN GETS MAJOR BOOST FROM CONRAIL SHAREHOLDERS IN TAKEOVER BID.(FRONT)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- January 18, 1997
- Author:
CopyrightCOPYRIGHT 1997 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. 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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Byline: CHRISTOPHER DINSMORE, STAFF WRITER
PHILADELPHIA -- A partisan crowd of loyal Conrail Inc. employees packed the gilt house at the Academy of Music on Friday and heartily voiced their support of the railroad's proposed merger with CSX Corp.
But like their bosses, they went home disappointed.
Conrail shareholders rejected the $9.2 billion merger with Richmond-based CSX, throwing their votes behind Norfolk Southern and its $10.3 billion bid.
The vote forced a stalemate in the fight for Conrail that could be settled quickly or take months to resolve.
CSX is blocked from taking over Conrail, for now. Had CSX prevailed, ...