Kansas City Southern s stock soars after Canadian National s superior bid valued at $33.7 bln MarketWatch 2 hrs ago
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Shares of Kansas City Southern soared 19% toward a record in premarket trading Tuesday, after Canadian National Railway Co. announced what it called a superior proposal to acquire the railroad operator in a cash-and-stock bid valued at $33.7 billion. Plans for the buyout bid was previously reported by The Wall Street Journal. which would top Canadian Pacific Railway Ltd. s previously agreed on buyout bid. Canadian National said its bid is valued at $325 for each Kansas City Southern share outstanding, a 27% premium to Monday s closing price of $256.40. Under terms of Canadian National s bid, Kansas City Southern shareholders would receive $200 in cash and 1.059 Canandian National shares for each Kansas City Southern share they own. In March, Kansas City Southern had agreed to be acquired by Canadian Pacific in a deal valuing the stock a
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KC Southern receives $33 7B merger offer from Canadian National - Minneapolis / St Paul Business Journal bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Provided by Dow Jones By Micah Maidenberg Canadian National Railway Co. said Tuesday it bid $33.7 billion in cash and stock to acquire Kansas City Southern, an offer it said was stronger than the one its Canadian rival offered for the firm. Canadian National said its offer values shares of Kansas City Southern at $325 a share. The Wall Street Journal earlier Tuesday reported on Canadian National s efforts. Last month, Canadian Pacific Railway Ltd. agreed to pay $275 a share, including $90 in cash, for Kansas City Southern, yielding a bid valued at about $25 billion. Canadian National said its offer is 21% stronger than the implied value of the Canadian Pacific deal. Under its offer, shareholders in Kansas City Southern would receive $200 in cash and 1.059 shares of Canadian National common stock, the latter company said.
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