January 31, 1995 |
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.
January 16, 1995 |
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.
November 3, 1994 |
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.
October 14, 1994 |
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.
January 23, 1995 |
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.
November 1, 1994 |
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.