Burlington Northern Santa Fe Corp.'s board pressed Warren Buffett to raise his $100-per-share bid for the railroad company, but the Berkshire Hathaway CEO declined to do so, The Wall Street Journal reports today.
The Burlington board held a conference call a week ago today at which it asked CEO Matthew Rose to press Buffett for more money, the WSJ reports. Rose did, but Buffett declined, saying "he was at the top of his range" and $100 a share was all he could pay. The Burlington board nonetheless unanimously approved the deal Monday. The WSJ cites the source of the information as "a person familiar with the matter."
Berkshire and Buffett were all over the WSJ today, and not just for the Burlington deal. The Journal also reports that Berkshire and Goldman Sachs are bidding to buy $3 billion in tax credits from Fannie Mae, and that Swiss Reinsurance Co. plans to pay back Berkshire its 3 billion Swiss franc (about $2.6 billion) convertible loan in March 2011.
The Burlington board held a conference call a week ago today at which it asked CEO Matthew Rose to press Buffett for more money, the WSJ reports. Rose did, but Buffett declined, saying "he was at the top of his range" and $100 a share was all he could pay. The Burlington board nonetheless unanimously approved the deal Monday. The WSJ cites the source of the information as "a person familiar with the matter."
Berkshire and Buffett were all over the WSJ today, and not just for the Burlington deal. The Journal also reports that Berkshire and Goldman Sachs are bidding to buy $3 billion in tax credits from Fannie Mae, and that Swiss Reinsurance Co. plans to pay back Berkshire its 3 billion Swiss franc (about $2.6 billion) convertible loan in March 2011.
