Current Report — Form 8-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 8-K Current Report 5 22K
2: EX-10 Amended and Restated Credit Agreement 79± 291K
3: EX-15 Awareness Letter of Price Waterhouse LLP 1 7K
4: EX-23 Consent of Price Waterhouse LLP 1 7K
5: EX-99.1 Joint Press Release Issued 5/27/97 2± 9K
6: EX-99.2 Joint Press Release Issued 6/3/97 1 7K
7: EX-99.3 Audited F/S of Conrail at 12/31/96 & 12/31/95 23± 98K
8: EX-99.4 Unaudited F/S of Conrail at 3/31/97 & 3/31/96 4 23K
9: EX-99.5 Pro Forma Consolidated Financial Statements 9 39K
EX-99.1 — Joint Press Release Issued 5/27/97
EX-99.1 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
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Exhibit 99.1
CONTACT: CSX Norfolk Southern
Thomas E. Hoppin Robert Fort
(804) 782-1450 (757) 629-2710
FOR IMMEDIATE RELEASE
CSX AND NORFOLK SOUTHERN CLOSE
TENDER OFFER FOR CONRAIL SHARES
RICHMOND and NORFOLK, Va., May 27, 1997 -- CSX Corporation (NYSE: CSX) and
Norfolk Southern Corporation (NYSE: NSC) today announced that their jointly
owned acquisition company, Green Acquisition Corp., has accepted for payment
more than 94 percent of Conrail Inc.'s outstanding shares not already owned by
CSX and Norfolk Southern. Based on a preliminary count, approximately 57,407,389
Conrail shares had been tendered (including 8,937,900) shares by notice of
guaranteed delivery) into the joint tender offer that expired at 5:00 p.m. EDT
on Friday, May 23. Payment for shares will be made promptly.
These shares, together with the Conrail shares already owned by CSX and Norfolk
Southern, represent approximately 96 percent of the outstanding Conrail shares.
In connection with the tender offer and subsequent merger, Norfolk Southern will
have contributed 58 percent, and CSX 42 percent, toward the aggregate purchase
price for all shares. All Conrail shares acquired will be placed in a joint
voting trust pending Surface Transportation Board approval of the proposed
transaction. Conrail shares not purchased in the tender offer will be converted
into the right to receive $115 per share in cash in a merger that will occur as
soon as practicable following the payment for the shares received in the tender
offer.
"With the successful completion of this tender offer, we move another step
closer to delivering the benefits of this transaction to all parties," said John
W. Snow, CSX's chairman, president and chief executive officer. "At CSX, our
management team is focused on continuing to improve our existing railroad
operations, while preparing for the smooth and efficient integration into CSX of
the Conrail assets we will operate."
David R. Goode, Norfolk Southern's chairman, president and chief executive
officer, said, "With the financial part of this transaction nearly completed, we
will now present to the Surface Transportation Board our plan for improving the
rail system in the East. Norfolk Southern eagerly looks forward to the day when
we can put that plan into action and begin delivering its many benefits to
customers, communities and the nation's economy."
CSX and Norfolk Southern expect to file their joint application with the STB in
mid-June. Management of both companies are confident the application will win
support from customers and the public.
CSX Corporation, headquartered in Richmond, Va, is an international
transportation company offering a variety of rail, container-shipping,
intermodal, trucking, barge and contract logistics management services. CSX's
home page can be reached at http://www.CSX.com.
Norfolk Southern is a Virginia-based holding company with headquarters in
Norfolk, Va. It owns a major freight railroad, Norfolk Southern Railway Company,
which operates more than 14,300 miles of road in 20 states, primarily in the
Southeast and Midwest, and the Province of Ontario, Canada. The corporation also
owns North American Van Lines, Inc., and Pocahontas Land Corporation, a natural
resources company. Norfolk Southern's home page can be reached at
http://www.nscorp.com.
Dates Referenced Herein and Documents Incorporated by Reference
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