Norfolk Southern Increases Conrail Bid to $10 Billion.(Originated from Richmond Times-Dispatch, Va.)

Knight Ridder/Tribune Business News | November 11, 1996| | Copyright

Nov. 11--Norfolk Southern Corp. yesterday intensified its game of financial "chicken" with rival CSX Corp. by raising its bid for Conrail to $10 billion.

And the company's chairman all but ruled out further discussions with CSX unless CSX agrees to a Norfolk Southern-Conrail merger.

Norfolk Southern's all-cash offer is worth about $17 per share more than CSX's latest $8.4 billion cash and stock offer. It raises the pressure on CSX to increase its own bid before the companies square off in court later this month.

"We've terminated ...

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