Railroad Bids to Acquire Airline
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Associated Press
WINSTON-SALEM, N.C. — Piedmont Aviation Inc., parent of fast-growing Piedmont Airlines, said today it has received a cash takeover offer worth $1.49 billion from Norfolk Southern Corp., one of the nation’s biggest railroads.
Piedmont also said it has received two alternate takeover proposals from USAir Group Inc. However, it said the airline company’s independent directors have recommended acceptance of the Norfolk Southern bid by Piedmont’s board of directors, who are to meet Thursday.
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