CP: CN’s Voting Trust Rationale ‘Contrary to Law’
April 27, 2021
Washington D.C. attorney David L. Meyer.
Yet another letter. Be warned: This one, nearly 3,000 words, is from Canadian Pacific’s attorney to the Surface Transportation Board. It essentially says CN has it totally wrong by asking the STB to approve a voting trust for its proposed acquisition of Kansas City Southern under the same conditions as a CP-KCS combination.
CP’s letter, reproduced below in full, comes three days after CN proposed a voting trust using the same trustee, former KCS President and CEO Dave Starling. “STB has already decided that CP’s proposed use of a voting trust is subject to the pre-2001 merger rules, which entails different standards and processes than those governing CN proposal for review under current regulations,” CP said.