Kansas City Southern (KSU.N) said on Thursday its board determined that the unsolicited proposal received from Canadian Pacific Railway (CP.TO) does not constitute a 'superior proposal' to its agreement with Canadian National Railway Co (CNR.TO).
CP Rail presented a new $27 billion offer for U.S. peer Kansas City Southern on Tuesday, lower than a $29 billion rival bid from CN Rail, hoping antitrust concerns over the latter will give it an edge.
Below are the events that unfolded over several months as Canadian National and Canadian Pacific locked horns to take control of Kansas City Southern to create the first railway spanning the United States, Mexico and Canada, as they stand to benefit from a pick-up in trade.Canadian Pacific agreed to acquire Kansas City Southern in a $25 billion cash-and-stock deal, which would be the largest ever combination of North American railways by transaction value.
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