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Canadian Pacific Files Formal Objection to Canadian National Using Merger Waiver that STB Granted To CP/KCS Transaction
May 1, 2021 GMT
Figure 1 (CNW Group/Canadian Pacific)
Letter outlines six principal arguments for why the CN/KCS transaction be reviewed under 2001 merger rules
CN/KCS transaction plainly flunks the “end-to-end” test for applying the pre-2001 rules
CALGARY, AB, May 1, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (“CP”) (TSX: CP) (NYSE: CP) yesterday filed a formal objection with the Surface Transportation Board (“STB”) stating that Canadian National (“CN”) does not qualify for a waiver of the STB’s rules for major transactions with respect to CN’s unsolicited proposal for Kansas City Southern (“KCS”).
OTTAWA (dpa-AFX) - Canadian Pacific Railway Limited (CP, CP.TO) said that it filed a formal objection with the Surface Transportation Board or 'STB' stating that Canadian National Railway (CNR.TO
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.
Canadian Pacific Comments on Procedural Update From Kansas City Southern
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CALGARY, AB, April 24, 2021 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) ( CP ) today provided the following statement regarding Kansas City Southern s ( KCS ) decision to evaluate Canadian National s ( CN ) unsolicited proposal.
The board of KCS is simply meeting its obligations under the merger agreement with CP and fulfilling its fiduciary duty to its shareholders by assessing the CN offer. Not only is this the correct process and one that is clearly required by the merger agreement, in fact we are encouraged that they will be taking a hard look at the details of the CN offer as soon as possible, which we believe will lead them to question the true value and deal certainty of their proposal.
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