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Harvard Business Publishing (1998)
20 July 2005
17 pages
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On 15 October 1996, Virginia-based CSX and Pennsylvania-based Consolidated Rail (Conrail), the first and third largest railroads in the eastern United States, announced their intent to merge in a friendly deal worth $8.3 billion. This deal was part of an industry-wide trend toward consolidation and promised to change the competitive dynamics of the Eastern rail market. Students, as shareholders, must decide whether to tender shares into the front-end of a two-tiered acquisition offer. To make this decision, they must value Conrail as an acquisition target and understand the structure of CSX's offer.


Management controls; Acquisitions; Game theory; Valuation; Mergers; Auctions; Competitive bidding; Deregulation
USD19 billion revenues, 77,500 employees
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