1 Exhibit (a)(34) MORGAN STANLEY MORGAN STANLEY & CO. INCORPORATED 1585 BROADWAY NEW YORK, NEW YORK 10036 (212) 761-4000 March 7, 1997 Board of Directors Conrail Inc. 2000 Market Street Philadelphia, PA 19101-1422 Gentlemen and Mesdames: We understand...Merger Agreement • March 10th, 1997 • Conrail Inc • Railroads, line-haul operating
1 [CONRAIL LOGO] EXHIBIT (a)(32) March 7, 1997 Dear Shareholders: Conrail Inc. and CSX Corporation have agreed to modify our merger agreement to provide that Conrail shareholders will receive $115 in cash for each outstanding share of Conrail common...Merger Agreement • March 10th, 1997 • Conrail Inc • Railroads, line-haul operating
