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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.
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.
Kansas City Southern (KSU) has entered a partnership with Savage to develop a multi-commodity railport in Mossville, Louisiana. This facility, expected to be operational by January 2022, will enhance supply chain capabilities for local refineries and chemical plants. The railport will expand from 40 to over 70 transloading spots and provide 600 railcar storage locations. It aims to improve shipping options and capacity for region shippers, thereby promoting competitiveness in logistics.
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.
Kansas City Southern (KSU) announced that its Board of Directors has rejected Canadian Pacific Railway's unsolicited acquisition proposal, affirming their support for the merger with Canadian National Railway (CNI). The merger agreement, valued at $325 per KSU share, promises significant benefits for shareholders and the economy. A Special Meeting for KSU shareholders is scheduled for August 19, 2021, to vote on the merger, contingent upon regulatory approvals. The Surface Transportation Board is expected to decide on the voting trust by August 31, 2021.
Kansas City Southern (KSU) announced on August 10, 2021, that its Board of Directors declared a regular dividend of $0.25 per share on its 4% non-cumulative preferred stock, payable on October 5, 2021. Additionally, a regular dividend of $0.54 per share on common stock was also declared, payable on October 6, 2021. Both dividends will go to stockholders of record as of the close of business on September 13, 2021. KCS operates a significant rail network in the U.S., Mexico, and Panama, enhancing its strategic position in North American logistics.
Kansas City Southern (KSU) announced receiving an unsolicited acquisition proposal from Canadian Pacific Railway (CP) offering 2.884 CP shares and $90 in cash per KCS share. This follows KCS's previously announced agreement with CN for a $325 per share transaction. KCS's board will evaluate CP's proposal in the context of its existing agreement with CN and will respond accordingly. The transaction is subject to regulatory approvals and shareholder approval. Financial advisors for KCS include BofA Securities and Morgan Stanley.
