THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Thursday, February 6, 1997 TAG: 9702060617
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 27 lines
Conrail Inc. shareholders tendered 66.8 million shares into Norfolk Southern Corp.'s offer for 9.9 percent of the Philadelphia-based railroad's stock. Norfolk Southern will buy 8.2 million of the shares on a pro-rated basis for $115 each, or $943 million. Norfolk Southern is trying to woo Conrail away from its merger partner, CSX Corp. Norfolk Southern can buy no more than 9.9 percent of Conrail's stock without triggering anti-takeover defenses. It said it would buy the stake if Conrail shareholders rejected the CSX merger in a Jan. 17 vote. The offer closed late Wednesday. (Staff) Smithfield to make Doughtie's barbecue
Smithfield Companies Inc. has agreed to purchase the assets of Doughtie's Foods manufacturing division's barbecue and chili business. Smithfield Companies said it will produce these products in its Smithfield plant. Portsmouth-based Doughtie's will continue to sell and distribute the products through its food service division to the restaurant industry, and will also continue to produce and sell its line of deli meats to existing customers. Also, the Department of Defense has awarded the second-year option of a $13 million, three-year contract to Doughtie's. (Staff)