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NEW YORK, May 11, 2021 /PRNewswire/ Halper Sadeh LLP, a global investor rights law firm, announces it is investigating the following companies:
Frank s International N.V. (NYSE: FI) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its merger with Expro Group.
Kansas City Southern (NYSE: KSU) concerning potential violations of the federal securities laws and/or breaches of fiduciary duties relating to its sale to Canadian Pacific Railway Limited. Under the terms of the merger agreement, Kansas City shareholders would receive 0.489 Canadian Pacific shares and $90.00 in cash for each Kansas City common share held.
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Supporters Urge the STB to Review the Transaction Efficiently to Realize Benefits to All Stakeholders
CALGARY, AB, May 10, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ( CP ) today announced that another 131 stakeholders filed statements with the Surface Transportation Board ( STB ) on May, 8, 2021 in support of its planned, friendly merger with Kansas City Southern ( KCS ), bringing the total to close to 550 supporters across the transportation supply chain in North America.
The statements follow previous filings with the STB in support of the CP-KCS transaction and those opposing Canadian National s counterbid for KCS. Customers and other supporters stated they expect the combination of CP and KCS would, among other benefits, invigorate transportation competition, expand access to existing and growing markets and provide new service offerings that would improve transit times and reliability along the Canada-U.S.-Mexico corridor.
Canadian Pacific Gets Voting Trust Approval From STB For Kansas City Southern Deal
OTTAWA (dpa-AFX) - Canadian Pacific Railway Limited (CP, CP.TO) said that it has received a voting trust approval from Surface Transportation Board for its planned acquisition of Kansas City Southern (KSU) or KCS.
In order to close into voting trust, the transaction requires approval from shareholders of both companies along with satisfaction of customary closing conditions. CP would then acquire KCS shares and place them into the voting trust, at which point KCS shareholders will receive their consideration.
In March, Canadian Pacific Railway agreed to acquire Kansas City Southern in a stock and cash transaction representing an enterprise value of about $29 billion. The deal included the assumption of $3.8 billion of outstanding Kansas City Southern debt.
STB Approves CPKC Voting Trust
STB Approves CPKC Voting Trust Written by William C. Vantuono, Editor-in-Chief
The Surface Transportation Board on May 6 approved, by unanimous vote, a voting trust for Canadian Pacific’s proposed merger with Kansas City Southern. “The Board finds that formal Board review of the voting trust agreement proposed for use in connection with this transaction is warranted and determines that the proposed arrangement is acceptable with certain modifications,” STB wrote in Docket No. FD 36500.
“Following this critical milestone, we are proceeding full steam ahead to complete this historic combination, creating the first truly North American single line railroad,” said CP President and CEO Keith Creel. “We are continuing to prepare our formal merger application and proxy filing for a shareholder vote in the near future.”