“The strong demand environment, particularly across bulk, merchandise and domestic intermodal, coupled with our commitment to the foundations of Precision Scheduled Railroading enabled our success in the first quarter,” Canadian Pacific (CP) President and CEO Keith Creel reported during the merger-bound railroad’s earnings announcement.
Canadian Pacific President and CEO Keith Creel on April 21 issued a letter to his counterpart and intended merger partner, Kansas City Southern President and CEO Pat Ottensmeyer, stating that CP is
CN on April 21 submitted to the U.S. Surface Transportation Board a prefiling notification of its intent to file an application seeking authority to combine with Kansas City Southern “further to CN’s superior proposal for a cash-and-stock transaction valued at $33.7 billion, or $325 per share.”
Canadian Pacific (CP) outlined why its combination with Kansas City Southern (KSC) is the only one “involving KCS that is in the public interest,” in an April 21 letter filed with the Surface Transportation Board (STB).
Perhaps not so surprisingly, almost exactly one month to the day after Canadian Pacific and Kansas City Southern announced their intent to merge into CPKC (Canadian Pacific Kansas City), CN made a counter-offer it said is a “superior proposal” that “will result in a safer, faster, cleaner and stronger railway.” CN’s proposal of $325 per KCS share “represents a 21% premium over the implied value of the CP transaction and values KCS at an enterprise value of $33.7 billion.”
Railway Age is pleased to present the results of its second annual Readers’ Influential Leaders program.
Canadian Pacific (CP) and Kansas City Southern (KCS) have announced that more than 405 customers and stakeholders are backing their planned combination, “CPKC.”
Kansas City Southern’s first-quarter financials were slightly off from the prior-year period due to several factors, but the merger-bound Class I says it anticipates improved operating and service metrics and revenue growth this year.
SMART Transportation Division (SMART-TD) President Jeremy R. Ferguson has sent a letter to Canadian Pacific (CP) President and CEO Keith Creel stating that the union he runs generally supports what CP and Kansas City Southern (KCS) are seeking from the Surface Transportation Board for their merger.
Merger applicants Canadian Pacific (CP) and Kansas City Southern (KCS) are refuting the U.S. Department of Justice’s (DOJ) recent filing with the Surface Transportation Board (STB) questioning use of a voting trust and granting KCS an exemption under merger rules established about 20 years ago.