Conrail Announces Restructuring: Facing an end to...
From Times Staff and Wire Reports
Conrail Announces Restructuring: Facing an end to federal protection from takeovers on April 2, Conrail announced a plan to buy back $1.3 billion of its stock and establish a $300-million stock ownership plan for non-union employees. Conrail officials said a $1-billion tender offer for up to 21 million of the railroad’s 67.1 million common shares would open today at a price of $43 to $53 per share. Conrail’s shares closed Wednesday at $46.125 in New York Stock Exchange trading, down 37.5 cents.