Cargo chaos looms as strikes threaten Canada's ports and rail networks
Strike action has threatened to erupt at both Canada’s ports and rail networks, leaving the ...
AMZN: APPEAL UPDATEDSV: PRESSURE BUILDS AAPL: OPENAI FUNDING INTERESTCHRW: ANOTHER INSIDER CASHES INHLAG: GRI DISCLOSUREMAERSK: HOVERING AROUND FOUR-MONTH LOWSTSLA: CHINA COMPETITIONDHL: BOLT-ON DEAL TALKAMZN: NEW ZEALAND PROJECTDHL: SURCHARGE RISKKNIN: LEGAL RISKF: 'DEI' HURDLESPLD: RATING UPDATEXOM: DISPOSALS
AMZN: APPEAL UPDATEDSV: PRESSURE BUILDS AAPL: OPENAI FUNDING INTERESTCHRW: ANOTHER INSIDER CASHES INHLAG: GRI DISCLOSUREMAERSK: HOVERING AROUND FOUR-MONTH LOWSTSLA: CHINA COMPETITIONDHL: BOLT-ON DEAL TALKAMZN: NEW ZEALAND PROJECTDHL: SURCHARGE RISKKNIN: LEGAL RISKF: 'DEI' HURDLESPLD: RATING UPDATEXOM: DISPOSALS
KANSAS CITY, Mo.–(BUSINESS WIRE)–Kansas City Southern (NYSE: KSU) (“KCS”) today announced that it has received an unsolicited proposal from Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) (“CP”) to acquire KCS in a transaction whereby shareholders of KCS would receive 2.884 CP common shares and $90 in cash for each share of KCS common stock held.
On May 21, 2021, KCS announced that it had entered into a definitive agreement with CN (TSX: CNR, NYSE: CNI), pursuant to which CN agreed to acquire KCS in a stock and cash transaction valued at $325 per KCS share based on the CN and KCS closing prices on May 12, 2021. The transaction is subject to customary closing conditions including receipt of regulatory approvals and the approval of KCS shareholders.
The KCS board of directors will evaluate CP’s proposal in accordance with the terms of KCS’ merger agreement with CN, and will respond in due course. The KCS board of directors has not made any determination with respect to CP’s proposal at this time.
BofA Securities and Morgan Stanley & Co. LLC are serving as financial advisors to Kansas City Southern. Wachtell, Lipton, Rosen & Katz, Baker & Miller PLLC, Davies Ward Phillips & Vineberg LLP, WilmerHale, and White & Case, S.C. are serving as legal counsel to Kansas City Southern.
Kansas City Southern stock up 7.47% to $289.75 on Tuesday.
Here is the latest update from Thursday: “Kansas City Southern board of directors unanimously determines proposal from Canadian Pacific Railway does not constitute a superior proposal to its agreement with CN“.
Kansas City Southern stock little changed on Thursday.
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