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Home Canada Daily

CN makes a counter-bid to CP Rail’s offer to buy Kansas City Southern Railway in the United States

by Shomporko Online News Desk
April 21, 2021
in Canada Daily, Global
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CN makes a counter-bid to CP Rail’s offer to buy Kansas City Southern Railway in the United States
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Source: CTV

Canadian National Railway Ltd. makes an offer to acquire Kansas City Southern. It proposes a railway that is “safer, faster, cleaner, and stronger” than the one proposed by rival Canadian Pacific Ltd. The Montreal-based railway announces a cash-and-stock bid for KCS worth $33.7 billion.

Based on Tuesday morning’s share prices, the proposal is worth about $317 per share. CN’s bid, unlike CP’s bid for rival railway, will not require shareholder approval, according to CN. According to CN, it will make a more appealing offer to KCS in order to “realize higher quality and higher-quality ties” with the company. The offer is greater than CP’s offer for each KC common share and more than double the cash per share offered by CP Rail.

As per Ruest, the timing of CN’s bid is opportunistic. The agreement would establish the first rail network linking Canada, the United States, and Mexico. At US$297.26, Kansas City shares were up more than 16%, or $41.26. CP Rail shares fell $8.96, or 1.9%, to $448.94. Under its plan, CN intends to assume US$3.8 billion in KCS debt. Based on 2020 figures, the combined company will operate more than 32,100 kilometres of rail and generate total revenues of approximately US$8.7 billion.

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