Canadian Pacific Comments on Procedural Update From Kansas City Southern
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CALGARY, AB, April 24, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ( CP ) today provided the following statement regarding Kansas City Southern s ( KCS ) decision to evaluate Canadian National s ( CN ) unsolicited proposal.
The board of KCS is simply meeting its obligations under the merger agreement with CP and fulfilling its fiduciary duty to its shareholders by assessing the CN offer. Not only is this the correct process and one that is clearly required by the merger agreement, in fact we are encouraged that they will be taking a hard look at the details of the CN offer as soon as possible, which we believe will lead them to question the true value and deal certainty of their proposal.
Canadian Pacific Comments on Procedural Update From Kansas City Southern
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Canadian Pacific Comments on Procedural Update From Kansas City Southern
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Chess Game for Railroad Real Estate (UPDATED)
April 23, 2021
Chess Game for Railroad Real Estate (UPDATED) Written by Jim Blaze, Contributing Editor
A bidding war has broken out for the Kansas City Southern, but it’s actually more like a chess game. Here are some observations about what it all could mean, especially in terms of railroad “real estate,” from my economist observation post.
By now, we all know the basics: It started back on March 21 as a bold expansion bid by the sixth-largest carrier, Canadian Pacific. CP and KCS, smallest of the “Big 7” Class I’s, negotiated a two-party deal to acquire a north-south track network connecting a core of six Canadian provinces (with about 12,500 route-miles) with a core of important Mexican northeastern and central states (districts) served by Kansas City Southern de Mexico, S.A. de C.V. The Mexican franchise covers about 2,261 miles. In the middle of this geography is the
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An additional 48 statements outlining support of CP-KCS combination over unsolicited CN proposal also filed
CALGARY, AB, April 23, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ( CP ) announced today that 416 shippers and stakeholders have now filed statements with the Surface Transportation Board ( STB ) in support of the planned combination with Kansas City Southern ( KCS ).
An additional 48 statements outlining support of the CP-KCS combination over the unsolicited Canadian National ( CN ) proposal have also been filed with the STB.
These statements underscore that the STB should treat each of these proposals on its own fact-based merits: the CP-KCS transaction that is straightforward and plainly procompetitive and thus appropriately reviewed under the extant KCS waiver from the 2001 rules, and the very different CN-KCS proposal, which CN acknowledges should be reviewed under the 2001 rules, and which raises all of the concern