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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.
The letter is from whom many industry observers say is arguably one of the best railroad regulatory attorneys in practice today, David L. Meyer:
The Honorable Cynthia T. Brown Chief, Section of Administration, Office of Proceedings Surface Transportation Board 395 E Street S.W. Washington, DC 20423
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.
CP Addresses CN s Contention that Voting Trust Proposals Should Be Reviewed Under Same Standards and Processes
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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
CALGARY, AB, April 27, 2021 /PRNewswire/ - Today, Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) filed the following letter with the Surface Transportation Board:
The Honorable Cynthia T. Brown
Chief, Section of Administration, Office of Proceedings
Surface Transportation Board
FIGURE 2 (CNW Group/Canadian Pacific)
Dear Ms. Brown:
I am writing on behalf of the Canadian Pacific Applicants.
1 As the Board is no doubt aware, Canadian National (CN) has made an unsolicited offer to acquire Kansas City Southern (KCS), and has asked the Board of Directors of Kansas City Southern to consider that offer. CN Press Release (Apr. 20, 2021). CN has informed KCS that its proposal would require the same regulatory approvals as those required under the agreement with CP and that CN would seek to obtain[] such regulatory approvals on the same terms as in the merger agreement with CP, including through the use of the same voting trust arrangement.