Game over for CP-KCS? Maybe, maybe not

(Source: Railway Age, May 13, 2021)

NEW YORK — The activity involving Kansas City Southern and its two potential merger partners, Canadian Pacific and CN, took yet another turn late on May 13. CN appears to have come out on top, but don’t count CP out, at least not yet. KCS on May 13 announced that its Board of Directors determined that a revised merger offer from CN constitutes a “Company Superior Proposal” as defined in KCS’s agreement with CP. KCS added that it has notified CP of its intent to terminate its merger agreement with CP and enter into a definitive agreement with CN, “subject to CP’s right to negotiate amendments to the merger agreement for at least five business days, and the KCS board’s further determination as to whether any such amendments would cause the CN proposal no longer to constitute a ‘Company Superior Proposal.’”

Full story: Railway Age

Friday, May 14, 2021