oltmannd: $100 a share, about $24 over yesterday's close. Not too shabby if you owned any BNI!
Just unbelievable - astounding ! ! ! Who'd a ever thunk it would have come to this ? Truly this is the big leagues. That'll surprise - and cuts out - the Wall Street 'quick buck' Mergers & Acquistions crowd. But ''They'll none of them be missed'' [from ''The Executioner's Song'' in the musical operatta The Mikado by Gilbert & Sullivan - how apt; pun not intended].
I do own a few shares - and I agree with Don's view above. That'a the good news, for my IRA account . . . and my wife has been wanting to invest in Berkshire Hathaway for a few years, so now I suppose that gets accomplished, too !
The bad news is that now I'll likely lose out on the opportunity to buy more, as well as the expected price appreciation over the next few years as BNSF continues to profit from its franchise.
I agree with just about all of the posts above. Notably, Warren is willing to pay that premium to put the transaction beyond any reasonable challenge or doubt of success - which also means he thinks even at that price, it's worthwhile. What I find a little surprising is that he wanted to buy it all - not just a majority or super-majority to obtain and ensure control. But he usually does that - if a deal is good, it's good all the way through - and he's been saying for the last few years that he's having trouble finding good places to put his money to good use. Guess he finally came to understand and believe what a lot of us have been saying for many years. 
Next shoes to drop ? Buying anything else major in the railroad industry would have anti-trust concerns - except maybe Guilford/ Pan Am, which could use a kick like this, in my opinion. Maybe he could expand his ownership of Norfolk Southern, and insulate them from each other under his holding company ? But this morning he said no more railroads, and no more big deals for awhile. See the transcript of Buffet's call into CNBC this morning at:
http://www.businessinsider.com/buffett-americas-best-years-lie-ahead-2009-11
An excerpt [EMPHASIS ADDED - PDN]
KERNEN: IF YOU HAD TO JUST -- THERE'S A LOT OF REASONS TO LOVE THE RAILS, I KNOW, WARREN.BUT WHAT IS IT ABOUT THE FUTURE THAT MAKES THE RAILS SO ATTRACTIVE? WE'VE GOT TO MOVE STUFF, I KNOW. IS IT BECAUSE THEY CAN DO IT IN A COST EFFECTIVE WAY?
BUFFETTl THEY DO IT IN A COST EFFECTIVE WAY AND EXTRAORDINARILY ENVIRONMENTALLY FRIENDLY WAY. BNSF LAST YEAR MOVED ON AVERAGE IT MOVED A TON OF GOODS 470 MILES ON ONE GALLON OF DIESEL. IT RELEASES FAR FEWER POLLUTANTS INTO THE ATMOSPHERE. IT SAVES ENORMOUSLY ON ENERGY CONSUMPTION AND, YOU KNOW, IT DIMINISHES HIGHWAY CONGESTION. RAILS LAST YEAR MOVED 40% -- MORE THAN 40% OVER THE COUNTRY. THEY MOVED MORE THAN ALL THOSE TRUCKS JUST THE FOUR BIG RAILROADS IT'S A VERY EFFECTIVE WAY OF MOVING GOODS. I BASICALLY BELIEVE THIS COUNTRY WILL PROSPER AND YOU'LL HAVE MORE PEOPLE MOVING MORE GOODS TEN AND 20 AND 30 YEARS FROM NOWAND THE RAILS SHOULD BENEFIT. IT'S A BET ON THE COUNTRY BASICALLY.
I also wonder if Warren's long-term outlook and access to the Berkshire Hathaway piggy-bank might accelerate BNSF's capital expenditures and improvements - such as electrifying sooner ? Note also that elsewhere in this transcript, Buffet noted that his utilities haven't been much affected by the recession. And per other sources, one of Buffet's heir apparents is Don Sokol, Chairman of MidAmerican Energy Holdings Co., which is Berkshire's energy division. See the following Aug. 5, 2009 article from Bloomberg News:
Buffett Fuels Succession Speculation by Tapping Sokol (Update2)
http://www.bloomberg.com/apps/news?pid=20601103&sid=axaWO.f7GdmQ
Now, if Warren would do something else with the 'Berkshire' portion of the compoany's name - like 'adopt' and sponsor or run one as an icon or 'mascot' on BNSF - none of whose constituent lines ever had a major fleet of 2-8-4's, I believe - then we'll be all set . . . 
- Paul North.