SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------------------ AMENDMENT NO. 12 to SCHEDULE 14D-9 SOLICITATION/RECOMMENDATION STATEMENT Pursuant to Section 14(d)(4) of the Securities Exchange Act of 1934 ------------------------------------ CONRAIL INC. (Name of Subject Company) ------------------------------------ CONRAIL INC. (Name of Person(s) Filing Statement) ------------------------------------ Common Stock, par value $1.00 per share (including the associated Common Stock Purchase Rights) (Title of Class of Securities) 208368 10 0 (CUSIP Number of Class of Securities) ------------------------------------ Series A ESOP Convertible Junior Preferred Stock, without par value (including the associated Common Stock Purchase Rights) (Title of Class of Securities) N/A (CUSIP Number of Class of Securities) ------------------------------------ James D. McGeehan Corporate Secretary Conrail Inc. 2001 Market Street Two Commerce Square Philadelphia, Pennsylvania 19101 (215) 209-4000 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Person(s) Filing Statement) With a copy to: Robert A. Kindler, Esq. Cravath, Swaine & Moore Worldwide Plaza 825 Eighth Avenue New York, New York 10019 (212) 474-1000 INTRODUCTION Conrail Inc. ("Conrail") hereby amends and supplements its Solicitation/Recommendation Statement on Schedule 14D-9, originally filed on October 16, 1996, as amended on October 25, 1996, November 1, 1996, November 4, 1996, November 6, 1996, November 7, 1996, November 8, 1996, November 13, 1996, November 18, 1996, November 20, 1996, November 21, 1996 and November 22, 1996 (as amended, the "Schedule 14D-9"), with respect to an offer by Green Acquisition Corp., a wholly owned subsidiary of CSX Corporation ("CSX") to purchase an aggregate of 17,860,124 of the outstanding Shares. Capitalized terms not defined herein have the meanings assigned thereto in the Schedule 14D-9. Item 8. Additional Information to be Furnished. Item 8 of the Schedule 14D-9 is hereby amended and supplemented by adding the following text at the end thereof: On November 26, 1996, CSX issued a press release, a copy of which is attached hereto as Exhibit (a)(23) and is incorporated herein by reference, announcing the final proration factor in connection with the Offer. The foregoing summary description is qualified in its entirety by reference to Exhibit (a)(23). Item 9. Materials to be filed as Exhibits. Item 9 of the Schedule 14D-9 is hereby amended and supplemented by adding the following text thereto: (a)(23) Text of press release issued by CSX, dated November 26, 1996. 2 SIGNATURE After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. CONRAIL INC. By /s/ Timothy T. O'Toole ------------------------------ Name: Timothy T. O'Toole Title: Senior Vice President--Finance Dated as of December 3, 1996 3 EXHIBIT INDEX Exhibit Description Page No. - ------- ----------- -------- *(a)(1) Offer to Purchase dated October 16, 1996......... *(a)(2) Letter of Transmittal............................ *(a)(3) Text of press release issued by Conrail, dated October 15, 1996........................... *(a)(4) Letter to shareholders of Conrail dated October 16, 1996............................... *(a)(5) Form of Summary Advertisement dated October 16, 1996................................. *(a)(6) Opinion of Lazard Freres & Co. L.L.C............. *(a)(7) Opinion of Morgan Stanley & Co. Incorporated..... *(a)(8) Text of press release issued by Norfolk, dated October 23, 1996........................... *(a)(9) Text of press release issued by Conrail, dated October 23, 1996........................... *(a)(10) Text of press release issued by Conrail, dated October 24, 1996........................... *(a)(11) Supplement to the Offer to Purchase dated November 6, 1996................................. *(a)(12) Text of press release issued by Conrail and CSX dated November 6, 1996....................... *(a)(13) Letter to shareholders dated November 6, 1996............................................. *(a)(14) Opinion of Lazard Freres & Co. LLC dated November 5, 1996................................. *(a)(15) Opinion of Morgan Stanley & Co. Incorporated Dated November 5, 1996........................... *(a)(16) Text of press release issued by Conrail, dated November 7, 1996........................... *(a)(17) Text of press release issued by Conrail, dated November 7, 1996........................... *(a)(18) Text of press release issued by Conrail, dated November 8, 1996........................... *(a)(19) Text of press release issued by Conrail and CSX, dated November 13, 1996..................... *(a)(20) Text of press release issued by Conrail and CSX, dated November 19, 1996..................... 4 Exhibit Description Page No. - ------- ----------- -------- *(a)(21) Text of press release issued by Conrail and CSX, dated November 20, 1996..................... *(a)(22) Text of press release issued by CSX dated November 21, 1996................................ (a)(23) Text of press release issued by CSX dated November 26, 1996................................ (b) Not applicable................................... *(c)(1) Agreement and Plan of Merger dated as of October 14, 1996................................. *(c)(2) Conrail Stock Option Agreement, dated as of October 14, 1996................................. *(c)(3) CSX Stock Option Agreement dated as of October 14, 1996................................. *(c)(4) Form of Voting Trust Agreement................... *(c)(5) Employment Agreement of Mr. LeVan dated as of October 14, 1996.............................. *(c)(6) Change of Control Agreement of Mr. LeVan dated as of October 14, 1996..................... *(c)(7) Pages 4-5, and 9-14 of Conrail's Proxy Statement dated April 3, 1996.................... *(c)(8) Complaint in Norfolk Southern et al. v. Conrail Inc., et al., No. 96-CV-7167, filed on October 23, 1996 in the United States District Court for the Eastern District of Pennsylvania..................................... *(c)(9) First Amended Complaint in Norfolk Southern et al. v. Conrail Inc., et al., No. 96-CV- 7167, filed on October 30, 1996 in the United States District Court for the Eastern District of Pennsylvania......................... *(c)(10) Resolution adopted by the Board of Directors of Conrail on November 4, 1996................... *(c)(11) First Amendment dated as of November 5, 1996 to Agreement and Plan of Merger.................. *(c)(12) Second Amended Complaint in Norfolk Southern et. al. v. Conrail Inc., et al., No. 96-CV-7167, filed on November 15, 1996 in the United States District Court for the Eastern District of Pennsylvania................. 5 Exhibit Description Page No. - ------- ----------- -------- *(c)(13) Voting Trust Agreement, dated as of October 15, 1996, by and among CSX, Purchaser and Deposit Guaranty National Trust (incorporated by reference to Exhibit (c)(9) to the Schedule 14D-1)............ - ---------------------- * Previously filed 6