CP Addresses CN s Contention that Voting Trust Proposals Should Be Reviewed Under Same Standards and Processes
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STB has already decided that CP s proposed use of a voting trust is subject to the pre-2001 merger rules, which entails different standards and processes than those governing CN proposal for review under current regulations
CALGARY, AB, April 27, 2021 /PRNewswire/ - Today, Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) filed the following letter with the Surface Transportation Board:
The Honorable Cynthia T. Brown
Chief, Section of Administration, Office of Proceedings
Surface Transportation Board
FIGURE 2 (CNW Group/Canadian Pacific)
CP to STB: Promptly Confirm Our Transaction railwayage.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from railwayage.com Daily Mail and Mail on Sunday newspapers.
Dear Ms. Brown:
I am writing on behalf of the Canadian Pacific Applicants.
1 As the Board is no doubt aware, Canadian National (CN) has made an unsolicited offer to acquire Kansas City Southern (KCS), and has asked the Board of Directors of Kansas City Southern to consider that offer. CN Press Release (Apr. 20, 2021). CN has informed KCS that its proposal would require the same regulatory approvals as those required under the agreement with CP and that CN would seek to obtain[] such regulatory approvals on the same terms as in the merger agreement with CP, including through the use of the same voting trust arrangement.