KANSAS CITY, Mo. — Kansas City Southern on Sunday accepted Canadian Pacific’s $300 per share merger offer, spurning Canadian National’s higher bid due to its regulatory obstacles. In a midday press release, KCS said its board had determined CP’s revised offer constituted a “Company Superior Proposal” as defined in the agreement with CN. CP extended the […]
KANSAS CITY, Mo. – Kansas City Southern is inching toward making Canadian Pacific its merger partner. KCS said today that it will begin merger discussions with CP after its board unanimously determined that CP’s Aug. 10 bid could be deemed superior to the agreement it reached with Canadian National in May. The U.S. Surface Transportation Board’s […]
KANSAS CITY, Mo. — Kansas City Southern says it will adjourn its scheduled stockholders meeting, which had been set for Friday to consider Canadian National’s merger agreement, as a result of Tuesday’s Surface Transportation Board decision to deny a voting trust while the CN-KCS plan was undergoing regulatory scrutiny. That meeting is set for 9 […]
SHREVEPORT, La. — Kansas City Southern will partner with Northwest Louisiana Technical Community College for the railroad’s Skilled Trade Women’s Scholarship Program, to fund the education and training of three women in one of several areas: diesel, electrician, industrial maintenance technology, industrial instrumentation and electrical technician, or welding. The first scholarship has been awarded to […]
KANSAS CITY, Mo. — Kansas City Southern has followed through on plans to delay its vote on Canadian National’s merger offer, pending a ruling from the Surface Transportation Board on the voting trust that is a key portion of the merger plan. KCS stockholders were set to vote on the deal Thursday, but that is now […]
CALGARY, Alberta — Is Canadian Pacific preparing a higher offer for Kansas City Southern? The Wall Street Journal is reporting (paywalled) that CP’s board met today to authorize a new offer worth about $300 per share. That’s up about $25 from CP’s final offer to KCS, but still short of Canadian National’s offer that’s valued […]
KANSAS CITY, Mo. — Kansas City Southern has fired back at Canadian Pacific’s appeal to its stockholders to turn down the proposed merger with Canadian National, saying those stockholders should focus on the fact CN’s offer is worth $50 more per share than the last CP proposal. CP filed a proxy statement asking KCS shareholders […]
Mergers or acquisitions of two or more railroads always bring a blending of motive power rosters. Kansas City Southern, like all Class I railroads today, relies on its fleet of A.C. (alternating current) traction locomotives for most of its operations, similar to both Canadian National’s and Canadian Pacific’s motive power philosophies. Kansas City Southern’s grade-intensive […]
KANSAS CITY, Mo. – Kansas City Southern’s revenue and volume surged in a second quarter that compared favorably to a year ago, when pandemic-related shutdowns resulted in historic traffic declines. But the railroad’s $700 million merger breakup fee paid to Canadian Pacific sent KCS into the red for the quarter. Current merger partner Canadian National will […]
KANSAS CITY, Mo. — Kansas City Southern was indeed the pretty girl at the dance. KCS was pursued by at least two other suitors besides Canadian Pacific and Canadian National – including an unnamed Class I system that was interested in acquiring only part of the cross-border railroad — during the lengthy process leading to […]
MONTREAL and KANSAS CITY, Mo. — Kansas City Southern has scheduled an online special meeting of its stockholders for Aug. 19 to vote on the proposed merger with Canadian National. Those holding stock as of July 1 will be entitled to vote on the agreement, under which stockholders will receive $200 cash and 1.129 shares […]
WASHINGTON — Amtrak has questioned Canadian National’s plan to sell Kansas City Southern’s route between New Orleans and Baton Rouge, La., as part of the planned merger of the two railroads, a plan which would see CN retain the right to operate on the route along with a freight tenant. The Amtrak comment came as […]
