Norfolk Southern Ups Bid for Conrail to $10 Billion.(Originated from The Virginian-Pilot, Norfolk, Va.)

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

Nov. 11--Norfolk Southern Corp. boosted its bid for Conrail Inc. on Friday, increasing the pressure on the Philadelphia-based freight railroad's board of directors to accept its offer.

The Norfolk-based railroad offered $110 a share, or $10 billion, for Conrail. That is $17 more a share than CSX Corp.'s friendly merger offer. It's also a 10 percent increase from Norfolk Southern's initial offer of $100 a share.

"This truly challenges Conrail's board to take a look at it," said Renee Johansen, a rail analyst at the Richmond brokerage Wheat First ...

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