Kansas City Southern’s Board of Directors unanimously determined that Canadian National Railway’s unsolicited proposal could reasonably be expected to lead to a “Company Superior Proposal” as defined in KCS’s merger agreement with Canadian Pacific Railway.
Canadian National Railway submitted an unsolicited proposal to acquire Kansas City Southern in a cash and stock transaction valued by CN at $325 per KCS share.
On Nov. 17, 1995, the Canadian government listed CN on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE). At the time, the railroad was the largest and the oldest Crown Corporation in Canada.
The railroad says the spending will create higher capacity, which supports reductions in its customer’s transportation supply chain GHG emissions, by encouraging rail for long haul needs.
CN said it has reached a tentative new collective agreement with its more than 3,200 conductors and yard crews working on CN’s mainline and yards in Canada.