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BUSINESS
July 21, 1995 | Times Staff and Wire Reports
ICC Gives Initial OK to Merger: The Interstate Commerce Commission gave a tentative nod to the proposed merger of Burlington Northern Inc. and Santa Fe Pacific Corp. railroads. The ICC approved a staff recommendation to approve the primary merger application. The commission was continuing to discuss more conditions related to the merger.
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BUSINESS
March 30, 1995 | Times Staff and Wire Reports
Union Pacific Buries the Hatchet With Burlington: The thwarted suitor is dropping its opposition to the merger of Burlington Northern Inc. and Santa Fe Pacific Corp. in exchange for the right to use a Santa Fe line. The agreement grants Union Pacific Corp. rights to Santa Fe's line between Abilene, Kan., and Superior, Neb., in order to preserve two-railroad competition at Superior.
BUSINESS
January 31, 1995 | Times Staff and Wire Reports
Railroad Merger Wins Backing: Santa Fe Pacific Corp. said it has secured $1.56 billion in financing commitments to back its proposed $4-billion merger with Burlington Northern Inc. The move is the latest by Santa Fe, owner of the Atchison, Topeka & Santa Fe railroad, to fend off a hostile $3.6-billion cash offer from Union Pacific. Schaumburg, Ill.-based Santa Fe has agreed to be acquired by Burlington Northern in a complex cash-stock deal.
BUSINESS
January 16, 1995 | Times Staff and Wire Reports
Union Pacific Faces Decision: The escalating takeover battle for Santa Fe Pacific Corp., the big western-U.S. railroad, could take another twist this week. One of its suitors, Union Pacific Corp., has a tender offer that expires Thursday, and there's pressure on the company to raise its $3.2-billion bid in order to match or exceed a $3.8-billion offer by Burlington Northern Inc. For now, Union Pacific will say only that it is "exploring all options." Both companies are pursuing Schaumburg, Ill.
BUSINESS
November 3, 1994 | From Times Staff and Wire Reports
Santa Fe Rejects Sweetened Bid: Santa Fe Pacific Corp. said it turned down a $3.8-billion offer from Union Pacific Corp. and reiterated its desire to be acquired by Burlington Northern Inc. in a deal valued at $3.1 billion. Despite the higher bid, Santa Fe maintained that a merger with Union Pacific would not be approved by regulators because it would lessen rail competition in the West.
BUSINESS
October 14, 1994 | From Times Staff and Wire Reports
Union Pacific Threatens Proxy Fight: Saying Santa Fe Pacific Corp. shareholders should have an opportunity to consider its $3.25-billion bid for Santa Fe, Bethlehem, Pa.-based Union Pacific Corp. said it will solicit proxies from Santa Fe shareholders to vote against the deal at a special Santa Fe shareholders meeting Nov. 18. The date for the special meeting was disclosed in documents that Schaumberg, Ill.-based Santa Fe and Burlington Northern Inc.
BUSINESS
January 23, 1995 | From Bloomberg Business News
Santa Fe Pacific Corp.'s board of directors rebuffed a $3.6-billion takeover offer from Union Pacific Corp., leaving investors to choose between that bid and one by Burlington Northern Inc. Santa Fe Chairman and Chief Executive Robert Krebs said in a letter to Union Pacific that the railroad holding company's latest bid still failed to match Burlington Northern's friendly offer of $3.8 billion, or $20.40 a share, in cash and stock. Bethlehem, Pa.
BUSINESS
November 1, 1994 | From Reuters
Burlington Northern Inc., under pressure to raise its bid for Santa Fe Pacific Corp. following a higher offer by Union Pacific Corp. over the weekend, will stand pat, a Burlington spokesman said Monday. Burlington Northern has already signed a friendly merger agreement with the owner of the Atchison, Topeka & Santa Fe railroad for $3.2 billion, up from an original $2.8 billion. Its latest offer was topped Sunday by Union Pacific, which said it will pay $3.
BUSINESS
February 8, 1995 | Times Staff and Wire Reports
Shareholders of Burlington Northern Inc. and Santa Fe Pacific Corp. approved a previously reported $3.8-billion merger that would form the nation's largest railroad concern. The deal awaits Interstate Commerce Commission clearance, which could come as early as fall.
BUSINESS
February 1, 1995 | JAMES F. PELTZ, TIMES STAFF WRITER
Union Pacific Corp., ending a seven-month railroad bidding war, Tuesday scrapped its hostile $3.8-billion effort to buy Santa Fe Pacific Corp. The move clears the way for Burlington Northern Inc. to buy Santa Fe for $4 billion in cash and stock. The merger would make Ft. Worth-based Burlington the largest U.S. railroad both in terms of track mileage (33,000) and annual revenue from its rail operations ($7 billion). Moreover, Santa Fe--the Schaumburg, Ill.
BUSINESS
January 25, 1995 | From Associated Press
Santa Fe Pacific Corp. and Burlington Northern Inc. said Tuesday that they have revised their $3.8-billion merger agreement in an effort to fend off a hostile bid from another railroad company, Union Pacific Corp. Under the revision, Santa Fe could repurchase 10 million additional shares of its own stock--under certain conditions and after final approval of the merger but before its completion.
BUSINESS
January 23, 1995 | From Bloomberg Business News
Santa Fe Pacific Corp.'s board of directors rebuffed a $3.6-billion takeover offer from Union Pacific Corp., leaving investors to choose between that bid and one by Burlington Northern Inc. Santa Fe Chairman and Chief Executive Robert Krebs said in a letter to Union Pacific that the railroad holding company's latest bid still failed to match Burlington Northern's friendly offer of $3.8 billion, or $20.40 a share, in cash and stock. Bethlehem, Pa.
BUSINESS
January 18, 1995 | From Reuters
Union Pacific Corp., trying to derail a rival suitor, said Tuesday it raised its bid for Santa Fe Pacific Corp. by about $300 million to $3.6 billion and offered cash for all the railroad company's shares. Locked in a battle for Santa Fe with Burlington Northern Inc., Bethlehem, Pa.-based Union Pacific said it wants to acquire 100% of Santa Fe's stock for $18.50 a share in a deal worth $3.6 billion. Previously, Union Pacific had offered $17.50, or $3.3 billion, in cash and stock.
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