Finance History | 11 Wall Street — One Chessie Share and One Point Three Five Seaboard Shares
· 1980-11
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Finance History | 11 Wall Street — One Chessie Share and One Point Three Five Seaboard Shares
kevin
People treat CSX as a Jacksonville railroad that always printed CSX on Nasdaq.
The 1980 issuer was a new Virginia holding company built to combine two listed systems.
CSX Corporation was incorporated on 14 November 1978. The Interstate Commerce Commission approved the combination on 25 September 1980. The Associated Press recorded that the merger of Chessie System Inc. and Seaboard Coast Line Industries Inc. closed on 1 November 1980, when the new board met in Richmond.
Chessie holders received one CSX common share for each Chessie share. Seaboard holders received 1.35 CSX shares for each Seaboard share. Directors had described the 1978 exchange plan as a stock swap valued at more than 1 billion dollars in 1978 currency.
Market-data services date the first CSX print to 3 November 1980 on the New York Stock Exchange. No cash IPO was sold.
The mechanism is a holding-company stock-for-stock railroad merger. The operating roads stayed separate until CSX Transportation absorbed Seaboard System in 1986 and Chesapeake and Ohio in 1987.
The listing later moved to Nasdaq on 22 December 2015. The pin is the Broad Street facade of the Exchange, where CSX first printed. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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