Santa Fe Southern Pacific said it will...

Santa Fe Southern Pacific said it will take a “neutral” position on the tender offer made earlier this month by a subsidiary of Olympia & York Developments for slightly less than 20% of SFSP’s stock. Olympia & York, a Toronto company, is seeking to buy 14 million shares at $17.50. The board also voted not to exempt itself from the new Delaware takeover law. Companies have 90 days to exempt themselves from the statute, which was passed earlier this month. Olympia & York had asked Santa Fe to take such action. The bill would prevent hostile acquirers from merging with companies for three years after an offer is initiated unless the acquiring company buys at least 85% of the company’s stock in one transaction.