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CP asks KCS shareholders to vote against CN takeover bid
Release time：
2021-08-04
Browsing：739次
CAMPAIGNING
hard to stop its rival, the Canadian National take over the Kansas City
Southern railroad, the Canadian Pacific Railway filed a proxy statement asking
KCS shareholders to vote against CN, said the CP press release.
"CP has always said it wanted to do a friendly deal with KCS and that remains true," said CP president and CEO Keith Creel. "CP would have preferred not to appeal directly to KCS's stockholders, but given the impending vote on CN's proposal, we believe we have no choice."
Mr Creel said the move contested the vote on the CN-KCS proposal because a Yes vote now would lock KCS stockholders in until February 2022, instead of their being free to consider other options.
Said Mr Creel: "We want to ensure KCS stockholders are aware that a vote today, without the benefit of an STB [Surface Transportation Board] decision on the CN voting trust proposal and without a chance to consider other proposals until the spring of next year, would not be in their best interests."
While the outcome of the STB's decision on the CN voting trust cannot be known at this stage, KCS stockholders should be aware that voting to approve the CN-KCS merger while there is this level of regulatory uncertainty comes with severe consequences that are not in the KCS stockholders' best interests, he said.
Under the terms of KCS's merger agreement with CN, following receipt of KCS stockholder approval of the merger, KCS will no longer be permitted to consider any alternative proposals, said the press release.
"CP has always said it wanted to do a friendly deal with KCS and that remains true," said CP president and CEO Keith Creel. "CP would have preferred not to appeal directly to KCS's stockholders, but given the impending vote on CN's proposal, we believe we have no choice."
Mr Creel said the move contested the vote on the CN-KCS proposal because a Yes vote now would lock KCS stockholders in until February 2022, instead of their being free to consider other options.
Said Mr Creel: "We want to ensure KCS stockholders are aware that a vote today, without the benefit of an STB [Surface Transportation Board] decision on the CN voting trust proposal and without a chance to consider other proposals until the spring of next year, would not be in their best interests."
While the outcome of the STB's decision on the CN voting trust cannot be known at this stage, KCS stockholders should be aware that voting to approve the CN-KCS merger while there is this level of regulatory uncertainty comes with severe consequences that are not in the KCS stockholders' best interests, he said.
Under the terms of KCS's merger agreement with CN, following receipt of KCS stockholder approval of the merger, KCS will no longer be permitted to consider any alternative proposals, said the press release.