Canadian Pacific Asks Kansas City s Board To Reject Canadian National s Anti-Competitive Offer
OTTAWA (dpa-AFX) - Canadian Pacific Railway Ltd. (CP, CP.TO) announced that it sent a letter to Kansas City Southern s Board of Directors calling on them to reject Canadian National s proposal in light of intervening events and reaffirming its commitment to the pro-competitive CP-KCS combination and the achievable, compelling value under the pre-existing merger agreement. Since the KCS Board received CN s initial unsolicited proposal on April 20, 2021, CP has been supportive and understanding of the KCS Board s need to fulfill its fiduciary duties to its shareholders and to better understand what CN was purporting to offer. However, as you know, CP has always believed that CN s proposal is illusory and simply an attempt to dismantle the unique, pro-competitive deal that CP and KCS have agreed upon, a deal which provides compelling short-term and long-term value for our shareholders-value
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Canadian Pacific Railway Ltd. has told Kansas City Southern that it won t raise its takeover bid and urged the U.S. railway to reject rival CN Rail s US$33.6-billion offer that it claims won t be . . .