October 15, 1996, Virginia and Pennsylvania-based CSX Consolidated Rail (Conrail), the first and the third largest railroad in the eastern United States, has announced its intention to merge in a friendly deal worth $ 8.3 billion. The deal was part of the industry trend towards consolidation and promised to change the competitive dynamics of the market for railway East. Students, as shareholders, to decide whether to tender shares in the front end of a two-tier takeover bid. To make this decision, they should appreciate how Conrail acquisition target and understand the sentence structure in the CSX. "Hide
by Benjamin C. Esty, Mathew Mateo Millett Source: HBS Premier Case Collection 17 pages. Publication Date: April 13, 1998. Prod. #: 298006-PDF-ENG
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