Kansas City Southern Board Says Canadian Pacific Proposal Not Superior to CN Agreement
August 12 2021 - 5:26PM
Dow Jones News
By Stephen Nakrosis
Railroad company Kansas City Southern on Thursday said its board
unanimously determined that an unsolicited proposal received from
Canadian Pacific Railway Ltd. on August 10 to acquire the company
wasn't a superior proposal to a previously announced definitive
merger agreement with Canadian National Railway Co.
Kansas City Southern also said its board reaffirms its
recommendation that the company's shareholders vote in favor of the
merger with Canadian National.
Kansas City Southern said it scheduled a special meeting of
stockholders for 9 a.m. CT on August 19 for shareholders to vote on
the merger and other proposals.
Under the terms of the Canadian National deal, Kansas City
Southern said, its shareholders would receive $200 in cash and
1.129 shares of Canadian National common stock for each common
share of Kansas City Southern.
Canadian Pacific in March said it agreed to buy Kansas City
Southern in a deal valued at about $25 billion. Kansas City
Southern later agreed to be acquired in a deal with Canadian
National.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
August 12, 2021 18:18 ET (22:18 GMT)
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