Kansas City Southern CEO knows he s got the route network Canada s two railway giants desperately need theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
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U.S. railway operator Kansas City Southern said on Thursday that it had accepted Canadian National Railway Co’s $33.6 billion acquisition offer, upending a $29 billion deal with its competitor Canadian Pacific Railway Ltd.
The development, first reported by Reuters, gives Canadian Pacific five business days to make a new offer for Kansas City Southern. Were Canadian Pacific to table a new offer, a bidding war could ensue.
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Canadian Pacific had previously announced a deal to buy Kansas City Southern on March 21, before Canadian National said it had submitted a higher bid on April 20. The headline price in Canadian National’s cash-and-stock bid remains $325 per share as originally announced, though the company offered more of its shares to compensate for a decline in its stock price.
Kansas City Southern said it intends to accept a revised merger offer from Canadian National Railway Co. but will give its other suitor, Canadian Pacific Railway Ltd., until May 21 to come up with a higher bid.
Kansas City Southern endorses CN s takeover bid - The Globe and Mail theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
TIMELINE-The unfolding of the Kansas City Southern takeover saga Reuters 3 hrs ago
(A TIMELINE is a sidebar that lists in chronological order events related to a major news story.)
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May 14 (Reuters) - U.S. railway operator Kansas City Southern said on Thursday it had accepted Canadian National Railway Co s $33.6 billion acquisition offer, upending a $29 billion deal with its competitor Canadian Pacific Railway Ltd. Below are the events that unfolded over several days as Canadian National and Canadian Pacific locked horns to take control of Kansas City Southern to create the first railway spanning the United States, Mexico and Canada, as they stand to benefit from a pick-up in trade. MARCH 21: CANADIAN PACIFIC AGREES TO ACQUIRE KANSAS CITY SOUTHERN Canadian Pacific agreed to acquire Kansas City Southern in a $25 billion cash-and-stock deal, which would be the largest ever combination of North American railways by transaction value.