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/PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) sent the following letter to the Surface Transportation Board ("STB") today in response to...
Billionaire hedge fund manager Chris Hohn on Tuesday urged Canadian National Railway to abandon its $33.6 billion bid for Kansas City Southern unless the Canadian railroad operator changed its agreement to drop a key feature that could invite more regulatory scrutiny. Hohn's TCI Fund Management, which has a 2.93% stake in Canadian National (CN), said the company should not go ahead with its plan to create a voting trust structure for the takeover.
Canadian National Ry. – Control – Kansas City Southern Dear Ms. Brown: I am writing on behalf of the Canadian Pacific 1 in response to the "Motion to Adopt Procedural Schedule for Renewed Motion for Approval of Voting Trust Agreement" (CN-15) filed by Canadian National ("CN") this morning. CN's proposed "three business day" period for public comment on a "Renewed Motion" it has not yet prepared or filed is not constructive, 2 and is based on the false premise that members of the public were under an obligation to respond yesterday ( i.e., were "only a few hours from the deadline to do ...
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 cr...
CP and KCS had announced plans to merge in March, while CP rival CN (NYSE: CNI) said in April that it is also interested in acquiring KCS. Both CP and CN are Canadian railways, and they propose that a merger with KCS would create a railroad that has operations across Canada, the U.S. Midwest and into Mexico. STB's Thursday decision grants CP and KCS permission to use a voting trust as a way to prevent any premature takeover of KCS and to enable KCS to continue to operate as an independent company until the merger process has been completed.