THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Thursday, February 13, 1997 TAG: 9702130546
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 37 lines
Norfolk Southern Corp. launched on Wednesday another tender offer to buy the remaining shares of Conrail Inc., but doesn't expect to consummate the offer anytime soon. The expected bid extends Norfolk Southern's standing $10.3 billion offer for Conrail after it bought a 9.9 percent stake in the Philadelphia-based railroad on Tuesday. Norfolk-based Norfolk Southern is trying to wrestle Conrail away from CSX Corp. Norfolk Southern is fighting Conrail's ``poison pill'' anti-takeover defense in the courts and has bid to replace Conrail's board of directors. (Staff) Family owned Advance stores are up for sale
Advance Stores Co. Inc., a family-owned auto-parts retailer in Roanoke, is up for sale. Advance Auto Parts stores spokeswoman Betsy Parkins said Tuesday that the New York investment firm Goldman, Sachs & Co. will search for a buyer. The company wants to wrap up the sale within six months, she said. Advance operates 667 auto parts stores in 10 states, including stores in Hampton Roads. AutoZone Inc. said the Memphis-based retailer may be interested in buying Advance. Other possible buyers include Pep Boys and Sears, Roebuck & Co. (Associated Press) City gets favorable rate on parking revenue bonds
The $54.4 million in parking revenue bonds that the City Council authorized were sold Wednesday at a ``highly favorable'' interest rate, Norfolk City Manager James B. Oliver said. City officials had expected to pay investors an effective 30-year yield of as high as 6 to 7 percent, but received an interest rate of 5.598 percent. Merrill Lynch & Co. handled the bond sale. The revenue bonds will finance construction of two multi-level garages as part of the MacArthur Center mall project and fund the renovation of the Freemason Street garage and infrastructure improvements to other parking facilities. (Staff)