CN Issues Statement on the STB’s Decision Regarding CP’s Voting Trust
Confident the STB will reach same decision with CN’s identical voting trust
MONTREAL, May 06, 2021 (GLOBE NEWSWIRE) -- CN (TSX: CNR, NYSE: CNI) today issued the following statement in response to the Surface Transportation Board’s ("STB") decision regarding the voting
trust in connection with Kansas City Southern’s (NYSE: KSU) (“KCS”) existing merger agreement with Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) (“CP”):
CN is encouraged by the STB’s decision today to approve the Voting Trust for CP’s proposed acquisition of KCS. The STB applied the same public interest factors that CN stated should apply to both Voting Trusts. For the reasons given in the STB’s decision, CN is confident that the STB will reach the same decision with respect to the identical Voting Trust put forward for CN’s proposed acquisition of KCS. Approving both Voting Trusts will allow KCS to choose the bid it judges to be best for its shareholders.
CN maintains that it has presented a better bid, is a better partner, a better railway and therefore the best solution for KCS. Our proposal presents an unparalleled opportunity for customers, employees, shareholders and the North American economy. We remain confident in our ability to close the combination with KCS, and we look forward to continuing to engage productively and respectfully with the KCS Board to deliver a superior and pro-competitive transaction to CN and KCS’ respective stakeholders.
For more information on CN’s superior proposal to acquire KCS, please visit www.ConnectedContinent.com.
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.