Press "Enter" to skip to content

Kansas City Southern determines Canadian Pacific bid superior to other offer

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

September 12, 2021

(Reuters) -Kansas City Southern said on Sunday it has received a revised proposal from Canadian Pacific, which the board determined was superior to the offer from Canadian National Railway.

Under the terms of Canadian Pacific’s revised proposal, each share of Kansas City Southern common stock would be exchanged for 2.884 common shares of Canadian Pacific and $90 in cash, a statement said.

Other News:   Darvish Earns First Win in 11 Starts, Padres Beat Angels 8-5

The statement added that the proposal is binding on Canadian Pacific and may be accepted by Kansas City Southern at any time prior to 5 p.m. EDT (2100 GMT) on Sept. 20.

Kansas City has told Canadian National that it intends to terminate its agreement with the company and enter a definitive agreement with Canadian Pacific.

Other News:   Firefighters On Bike Ride To Mark 20th Anniversary Of 9/11 On Approach To New York

Canadian National has five days to revise its offer. The company was not immediately available for comment outside of normal business hours.

Canadian Pacific Railway had earlier said it would not be as willing to stick to its own $300 per share offer, worth $27 billion, after a Sept. 12 deadline.

Other News:   Bitcoin Steadies But Investors Brace for More Volatility

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Lisa Shumaker)

To continue reading this news article, follow the link to the news website.

For any inquiries, contact Amnon Free Press (Amnon Jobi Jakony) by writing to editor [at] amnonfreepress.com. Discover a world of hyper-local news below.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *