CSX bought the right to buy a stake in Sea-Land.

The company said it will pay $28 per share, plus $5 a share to Harold Simmons for the options, which can be exercised during the period of July 15 to Aug. 31. Simmons owns 39.5% of the New Jersey-based shipping giant Sea-Land. Earlier this week, CSX, of Richmond, Va., proposed to buy all of Sea-Land’s stock at $28 a share. The offer was good through today. Sea-Land has declined to comment on the offers. But CSX, a railroad holding company, said in a prepared statement that it expected the proposal to be acted on by Sea-Land’s board of directors this week.