-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OYLnmBeR0IX7iYOH8/7WZFgI4kfquEk9Lp8pnJ25lKhL0kSXsU0pk5nZ9fdt1/oW 1zkRsJIv+7H1YdvC4t3XwA== 0000950172-97-000029.txt : 19970115 0000950172-97-000029.hdr.sgml : 19970115 ACCESSION NUMBER: 0000950172-97-000029 CONFORMED SUBMISSION TYPE: DFAN14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19970114 SROS: NYSE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CONRAIL INC CENTRAL INDEX KEY: 0000897732 STANDARD INDUSTRIAL CLASSIFICATION: RAILROADS, LINE-HAUL OPERATING [4011] IRS NUMBER: 232728514 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A SEC ACT: 1934 Act SEC FILE NUMBER: 001-12184 FILM NUMBER: 97505158 BUSINESS ADDRESS: STREET 1: TWO COMMERCE SQ STREET 2: P O BOX 41417 CITY: PHILADELPHIA STATE: PA ZIP: 19101-1417 BUSINESS PHONE: 2152094434 MAIL ADDRESS: STREET 1: P.O. BOX 41429 STREET 2: 2001 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19101-1429 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: NORFOLK SOUTHERN CORP CENTRAL INDEX KEY: 0000702165 STANDARD INDUSTRIAL CLASSIFICATION: RAILROADS, LINE-HAUL OPERATING [4011] IRS NUMBER: 521188014 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DFAN14A BUSINESS ADDRESS: STREET 1: THREE COMMERCIAL PL CITY: NORFOLK STATE: VA ZIP: 23510-2191 BUSINESS PHONE: 8046292680 DFAN14A 1 SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant / / Filed by a Party other than the Registrant /X/ Check the appropriate box: / / Preliminary Proxy Statement / / Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) / / Definitive Proxy Statement /X/ Definitive Additional Materials / / Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12 CONRAIL INC. (Name of Registrant as Specified in its Charter) NORFOLK SOUTHERN CORPORATION (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): /X/ No fee required. / / Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: - ----------------------------------------------------------------------------- (2) Aggregate number of securities to which transaction applies: - ----------------------------------------------------------------------------- (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): - ----------------------------------------------------------------------------- (4) Proposed maximum aggregate value of transaction: - ----------------------------------------------------------------------------- (5) Total fee paid: - ----------------------------------------------------------------------------- / / Fee paid previously with preliminary materials. / / Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: - ----------------------------------------------------------------------------- (2) Form, Schedule or Registration Statement No.: - ----------------------------------------------------------------------------- (3) Filing Party: - ----------------------------------------------------------------------------- (4) Date Filed: - ----------------------------------------------------------------------------- [Press Release] FOR IMMEDIATE RELEASE January 13, 1997 Media Contact: Robert Fort 757-629-2710 NORFOLK SOUTHERN TO BUY 9.9% OF CONRAIL IF SHAREHOLDERS VOTE AGAINST 'OPT OUT' PROPOSAL NORFOLK, VA - Norfolk Southern Corporation (NYSE: NSC) today announced that it will buy Conrail common and ESOP preferred shares representing 9.9 percent of Conrail's outstanding common shares for $115 per share if Conrail shareholders defeat proposals on Friday (January 17) that would force them to accept an inferior offer from CSX Corp. The Norfolk Southern proposal is contingent only on the defeat of Conrail management proposals asking shareholders to "opt out" of the fair value provision of Pennsylvania anti-takeover statute and to allow Conrail management to adjourn the special shareholder meeting scheduled for Friday. After shareholders vote against the proposals, Norfolk Southern said it will promptly amend its existing all-cash tender offer in order to buy about 8.2 million Conrail shares. This represents the maximum number of shares that Norfolk Southern can buy without triggering Conrail's 'poison pill.' The 9.9 percent offer would not be subject to termination of the merger agreement between Conrail and CSX and would not require any action by Conrail's Board of Directors. Norfolk Southern said it would promptly begin a second all-cash tender offer for all the remaining Conrail common shares and ESOP preferred shares at $115 a share after it completes the 9.9 percent tender offer. The terms and conditions of the second tender offer would essentially be the same as those in Norfolk Southern's current all-cash offer of $115 per share, which is worth $15 per share or about 15 percent more than CSX's cash-and-stock proposal. "Our proposal again demonstrates our commitment to Conrail shareholders and our determination to see that they get an excellent price for their shares," said David R. Goode, Norfolk Southern's Chairman, President and Chief Executive Officer. "It underscores Norfolk Southern's determination to see this battle through and get a fair value for Conrail shareholders and a sound result for all constituencies. "Our proposal makes two things possible -- the best deal for shareholders and the best combined railroad --despite the unprecedented obstructions that Conrail and CSX have put in shareholders' path," Goode said. "Conrail shareholders have an opportunity to reassert control over their corporation and reject the coercive tactics being used to pressure them into approving CSX's inferior offer." Norfolk Southern said a vote to reject the CSX/Conrail scheme would signal the beginning of the process to unseat Conrail directors at Conrail's next annual meeting. Norfolk Southern also noted that the Surface Transportation Board has made clear that it would not be prevented from approving Norfolk Southern's proposal to acquire Conrail despite the "lock-out" provision in the Conrail-CSX merger agreement. The Board, in a decision last Thursday, said "the lock-out provision would in no way preclude Board approval...of an NS/Conrail merger...or the consummation of such a merger if approved." The practical consequence for Conrail shareholders is significant. On the procedural schedule anticipated by the STB, the merger case will be decided late this year or early in 1998, and that decision, the Board said, would void any lock-out clause that conflicts with its decision. Consequently, the "lock-out" will cease to have any practical effect at least a year earlier than CSX would have shareholders believe. 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 14.500 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. ### World Wide Web Site - http://www.nscorp.com -----END PRIVACY-ENHANCED MESSAGE-----