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CSX said it offered $742 million for Sea-Land.

The Richmond, Va., railroad holding company is offering $28 cash for each share of the New Jersey-based shipping concern, countering a bid from Dallas investor Harold Simmons. Sea-Land Chairman and Chief Executive Joseph F. Abely Jr. issued a statement saying that the CSX proposal was “most welcome” and that it will be recommended to Sea-Land’s board this week. The CSX offer exceeded by $2 a share a proposal made April 11 by Simmons, who has been stalking Sea-Land for months.


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