Canadian Pacific Railway Says Remains Ready To Re-engage With KCS
OTTAWA (dpa-AFX) - Canadian Pacific Railway Limited (CP, CP.TO) announced Friday in a letter sent to the Surface Transportation Board (STB) that it remains ready to engage with Kansas City Southern (KSU) or KCS, to enter into another agreement to acquire KCS. It added that the new agreement can be substantially in the same lines of the terminated agreement, which was already reviewed by the Board.
The KCS Board of Directors recently decided to terminate the previous Merger Agreement with Canadian Pacific. In March, Canadian Pacific agreed to acquire KCS in a stock and cash transaction representing an enterprise value of about $29 billion.
Kansas City Southern Terminates CP Merger Deal, But Reaches Merger Agreement With Canadian National Railway
OTTAWA (dpa-AFX) - Kansas City Southern (KSU) or KCS said it has terminated its merger agreement with Canadian Pacific Railway Limited (CP, CP.TO) and entered into a merger agreement with Canadian National Railway Co. (CNI, CNR.TO).
The move comes after Kansas City Southern determined that the acquisition proposal KCS received from Canadian National Railway Company on May 13, 2021 continues to constitute a Company Superior Proposal under KCS s pending merger agreement with Canadian Pacific Railway Limited or CP .
As per the terms of the CN merger agreement, each share of KCS common stock will be exchanged for $200 in cash and 1.129 shares of CN common stock.
Kansas City Southern (KSU) Board Determines Canadian National Railway (CNI) Proposal Continues to be Superior to Canadian Pacific Railway (CP) Merger Agreement streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Kansas City Southern will terminate its merger agreement with Canadian Pacific.
It will accept Canadian National s offer of $200 in cash and 1.129 in shares of its stock.
The deal still needs to be approved by the U.S. Surface Transportation Board.
Kansas City Southern (NYSE: KSU) announced today that the company’s board has determined the Canadian National Railway Company’s (NYSE: CNI) acquisition proposal to be superior to the offer received from Canadian Pacific Railway Limited (NYSE: CP).
The company has terminated its merger agreement with Canadian Pacific, which the company entered into back in March, and has entered into a merger agreement with Canadian National.
Keith Creel to Pat Ottensmeyer and the KCS Board: Stick With Us 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.