THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Thursday, January 9, 1997 TAG: 9701090501
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Business Briefs
LENGTH: 29 lines
Norfolk Southern Corp. said Wednesday that it will extend its $10.5 billion tender offer for Conrail Inc. until after a critical shareholder vote. The offer, set to expire Friday, now ends Jan. 24. Norfolk Southern, which is trying to block CSX Corp.'s friendly $9.3 billion bid for Conrail, said its banks have committed more than enough funds to cover the offer. A Philadelphia federal court today will hear Norfolk Southern's plea to block a clause in the CSX-Conrail merger agreement that prevents Conrail from discussing a merger with any other company until 1999. (Staff) Richmond firm concludes Harmony acquisition
Environmental Fertilizer Corp. has completed its acquisition of Chesapeake-based Harmony Products Inc. Harmony Products was established in 1989 by former fertilizer company executives who foresaw a boom in organic fertilizers, but the market developed more slowly than they anticipated. The company has struggled for the past several years. Environmental Fertilizer Corp. is a private Richmond company that was formed to acquire Harmony. EFC will pay $2 per share for Harmony's outstanding shares, which means the acquisition cost $3.2 million. (Staff)