ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Thursday, January 23, 1997 TAG: 9701230055
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
DATELINE: RICHMOND
CSX Corp. on Wednesday extended its tender offer for 20.1 percent of Conrail's shares until 5 p.m. Feb. 14, hoping to complete the cash portion of its proposed $9.72billion acquisition. The offer originally expired Wednesday.
CSX acquired 19.9 percent of Conrail's shares for about $1.96billion in its first tender offer.
Conrail shareholders last week blocked the acquisition by preventing their company from accepting two-tiered bids of the kind CSX proposes.
Many shareholders, saying CSX's offer is coercive and too low, favor Norfolk Southern Corp.'s hostile $10.32billion cash bid.
Earlier Wednesday, NS began its promised tender offer to buy 8.2 million Conrail shares at $115 apiece. That amount - about 9.9 percent of the outstanding common shares - is the most NS can buy without tripping Conrail's ``poison pill'' defenses.
- Bloomberg Business News
LENGTH: Short : 29 linesby CNB