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CP Comments on CN s Request to Name David Starling as Intended Trustee
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CALGARY, AB, April 26, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) issued the following statement about Canadian National s ( CN s ) request to name David Starling as intended trustee in its unsolicited bid of Kansas City Southern ( KCS ):
David Starling has advised us of CN s request, and we have no objection.
As we have said previously, Mr. Starling is a fine choice as a trustee - that is why we appointed him to this role in the CP-KCS transaction. As a former President and CEO of KCS, he knows the business well and is independent of CP. Mr. Starling s expertise and leadership is clearly valued by both CP and CN. Should Mr. Starling agree, we are honored that CN has chosen the same trustee we have, however, the two proposals themselves are much different.
Press release content from PR Newswire. The AP news staff was not involved in its creation.
CP sends letter to KCS reinforcing anti-competitive nature of CN proposal
April 26, 2021 GMT
Letter Outlines the Breadth of Horizontal Competitive Overlaps Between Canadian National and KCS
Highlights Regulatory Issues with CN’s Proposal and its Expected Negative Impact on STB’s Voting Trust Analysis
CALGARY, AB, April 26, 2021 /PRNewswire/ - Today, Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) announced that it recently sent a letter to the President and Chief Executive Officer of Kansas City Southern (“KCS”) regarding the anti-competitive impacts of the proposed Canadian National transaction with KCS.
As soon as the STB issued its decision granting Kansas City Southern a waiver from prevailing merger rules established about 20 years ago, KCS following the terms of its existing merger agreement with Canadian Pacific said it would now consider CN’s counter-offer.
KCS reported April 24 that its Board of Directors has determined that the unsolicited merger proposal it received from CN on April 20 might end up “superior” to the KCS-Canadian Pacific (CP) merger agreement announced March 21. KCS now intends to engage in discussions with CN. Both CP and CN have responded, each with language used before, reiterating points that have been expressed several times within the past week.
Posted on 635
Kansas City Southern (NYSE: KSU) (“KCS”) today announced that its Board of Directors has unanimously determined, after consultation with the Company’s outside legal and financial advisors, that the unsolicited proposal received from Canadian National Railway (TSX: CNR, NYSE: CNI) (“CN”) on April 20, 2021 to acquire KCS in a cash and stock transaction valued by CN at $325 per KCS share could reasonably be expected to lead to a “Company Superior Proposal” as defined in KCS’s merger agreement with Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) (“CP”).
KCS intends to provide CN with nonpublic information and to engage in discussions and negotiations with CN with respect to CN’s proposal, subject in each case to the requirements of the CP merger agreement.