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Leaders of the rival Canadian National and Canadian Pacific railroads on May 26 made their pitches about why their respective railroads should be approved to purchase Kansas City Southern Railroad.
CN Rail Tops Rival With $30 Billion Offer for K.C. Southern
Bloomberg 1 hr ago Anthony Palazzo and Derek Decloet
(Bloomberg) Canadian National Railway Co. offered $30 billion to snatch Kansas City Southern away from a rival, spurring a possible bidding war over one of the industry’s biggest deals in decades.
The $325-a-share bid consists of $200 in cash and 1.059 Canadian National shares for each share of Kansas City Southern, Montreal-based CN said in a statement Tuesday. Canadian National gave its offer an enterprise value of $33.7 billion.
The bid is about 20% higher than a $25 billion deal Kansas City Southern made with Canadian Pacific Railway Ltd. last month.