Kansas City Southern Shares Up, Confirms Receipt of Canadian Pacific's Unsolicited Proposal
August 10 2021 - 11:14AM
Dow Jones News
By Stephen Nakrosis
Kansas City Southern shares rose Tuesday after the railroad said
it received an unsolicited proposal from Canadian Pacific Railway
Ltd. to acquire the company.
Kansas City Southern said Canadian Pacific offered shareholders
2.884 Canadian Pacific common shares and $90 in cash for each share
of Kansas City common stock.
At 11:44 a.m. ET, Kansas City Southern shares were trading 7%
higher at $288.69 a share. Volume at the time topped 1.3 million
shares, above the stock's 65-day average volume of 971,673.
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 Railway Co. valued at about $30 billion.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
August 10, 2021 12:06 ET (16:06 GMT)
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