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Kansas City Southern (KSU) has adjourned its Special Meeting of Stockholders originally scheduled for September 24, 2021, to vote on the proposed merger with CN (CNI). The meeting will now take place at 9:00 a.m. Central Time, with stockholders of record as of July 1, 2021, allowed to vote. The KCS Board of Directors is committed to evaluating options in the best interest of the company and its shareholders.
Further information about the merger process is available through the respective SEC filings by both companies.
Kansas City Southern (KSU) announced an unsolicited acquisition proposal from Canadian Pacific Railway (CP), reiterating terms similar to a previous proposal made on August 10, 2021. The offer includes 2.884 shares of CP and $90 in cash for each KCS common share, with preferred stockholders receiving $37.50 in cash. The KCS Board will evaluate this proposal in light of its existing agreement with CN, which offers $325 per share of KCS stock. Financial advisors involved are BofA Securities and Morgan Stanley, with multiple legal counsels aiding KCS.
Kansas City Southern (KSU) expressed disappointment following the Surface Transportation Board's (STB) decision to deny CN's proposed voting trust related to their merger agreement. KCS is currently evaluating its options in collaboration with CN. Consequently, KCS plans to adjourn its Special Meeting of Stockholders originally scheduled for September 3, 2021, where stockholders were to vote on the merger agreement with CN. This delay highlights ongoing regulatory challenges affecting the proposed merger.
On August 31, 2021, CN expressed disappointment over the Surface Transportation Board's (STB) decision against its joint voting trust application with Kansas City Southern (KCS). The company is currently evaluating its options following this ruling. Despite this setback, CN remains confident that the proposed merger is beneficial for the public interest, enhancing competition and supply chain efficiency across North America. CN emphasizes strong support from stakeholders for the merger, which aims to establish a premier railway service connecting Canada, the U.S., and Mexico.
Kansas City Southern (NYSE: KSU) has adjourned its Special Meeting of Stockholders to vote on the merger with Canadian National (TSX: CNR, NYSE: CNI) until September 3, 2021. Stockholders of record as of July 1, 2021, are eligible to vote. The Surface Transportation Board is reviewing the joint voting trust application, with a decision expected by August 31, 2021. The merger, valued at $325 per share, includes $200 in cash and 1.129 CN shares per KCS share. KCS's Board recommends stockholders vote in favor of the merger.
CN (TSX: CNR; NYSE: CNI) and Kansas City Southern (KCS) will present at the Deutsche Bank Virtual Transportation Conference on August 17, 2021, at 12:00 p.m. ET. CEO JJ Ruest and CEO Patrick J. Ottensmeyer will discuss the strategic advantages of their proposed merger, aiming to create a leading railway for the 21st century. A live webcast will be available on both companies' investor websites, with a replay accessible afterward. This merger aims to enhance operational efficiencies and expand service coverage across North America.
On August 17, 2021, JJ Ruest, CEO of CN, and Patrick J. Ottensmeyer, CEO of Kansas City Southern (KCS), will present at the Deutsche Bank Virtual Transportation Conference. They will discuss the strategic and financial advantages of the pro-competitive merger between CN and KCS, aimed at establishing a premier railway for the 21st century. A live webcast will be available on both companies' investor websites, with a replay following the event. More details on this merger can be found at www.ConnectedContinent.com.
CN has reaffirmed its commitment to acquiring Kansas City Southern (KCS), emphasizing the transaction's superiority as per KCS's board of directors. The acquisition, valued at $325 per KCS share, includes $200 in cash and 1.129 CN shares for each KCS share. KCS stockholders are expected to own approximately 12.65% of the combined company. Regulatory approvals are pending, with a decision from the Surface Transportation Board expected by August 31, 2021. If a decision hasn't been made by August 17, the KCS Special Meeting will be adjourned.
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