NORFOLK (dpa-AFX) - Union Pacific Corp. (UNP) is nearing a stock-and-cash acquisition deal for Norfolk Southern Corp. (NSC), valuing the smaller rival at approximately $320 per share, according to Bloomberg, citing sources familiar with the matter.
The proposed offer would consist of roughly two-thirds stock and one-third cash, representing a premium of about 23% over Norfolk Southern's share price prior to initial reports of the potential deal earlier this month, the report said.
Although discussions between the two companies are at an advanced stage, the terms of the deal could still change, the report noted.
Last week, both Union Pacific and Norfolk Southern confirmed they were engaged in advanced talks regarding a possible business combination.
NSC closed Monday's regular trading at $286.42 up $4.04 or 1.43%. In the after-hours trading, the stock further gained $10.58 or 3.69%.
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