CP Addresses CN s Contention that Voting Trust Proposals Should Be Reviewed Under Same Standards and Processes
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STB has already decided that CP s proposed use of a voting trust is subject to the pre-2001 merger rules, which entails different standards and processes than those governing CN proposal for review under current regulations
CALGARY, AB, April 27, 2021 /PRNewswire/ - Today, Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) filed the following letter with the Surface Transportation Board:
The Honorable Cynthia T. Brown
Chief, Section of Administration, Office of Proceedings
Surface Transportation Board
FIGURE 2 (CNW Group/Canadian Pacific)
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.
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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.
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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.
Kansas City Southern to Begin Discussions with Canadian National Railway
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.