
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, March 2, 1990                   TAG: 9003023021
SECTION: BUSINESS                    PAGE: B5   EDITION: METRO 
SOURCE: associated press
DATELINE: RICHMOND                                 LENGTH: Short

RAIL MERGER OFFER WAY LOW, PAPER SAYS

The value of real estate owned by RF&P Corp. in two Northern Virginia localities is at least $559 million, or $174 million more than CSX Corp. plans to pay to merge with the smaller company, said a report published Thursday.

The Richmond Times-Dispatch, in a copyright story, attributed its estimate on the value of the property in Alexandria and Arlington County to assessment records and municipal officials.

A number of analysts have questioned the $34.50 a share offered RF&P shareholders in the $385 million stock deal. Among those shareholders is the state, which owns about 20 percent of RF&P stock through the Virginia Supplemental Retirement System.

by CNB