A group of investors boosted its bid for Conrail.
The group, organized by Morgan Stanley & Co. of New York, said it is increasing its offer for Conrail $200 million to $1.4 billion because of market conditions and the railroad’s strong performance. The action comes a week before the Senate is scheduled to consider the sale of Conrail to either Norfolk Southern Corp. or the Morgan Stanley group. Norfolk Southern, which is the Reagan Administration’s choice to buy the government-owned freight railroad, has offered $1.2 billion.
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