ICYMI: Canadian railroad operator Canadian Pacific Railway raises its bid for Kansas City Southern to $27 billion in a showdown with rival Canadian National Railway
Canadian Pacific Chief Executive Keith Creel had refused to raise his previous $25 billion bid for Kansas City Southern after losing to Canadian National in May, arguing that the transaction that Kansas City Southern had chosen to pursue was "not a real deal" because the Surface Transportation Board , the U.S. rail regulator, would shoot it down.But with less than 10 days to go until Kansas City Southern shareholders are asked to vote on the deal with Canadian National on Aug.
"As Canadian Pacific went out telling to vote no, the feedback they got from investors was there was no other offer from you to help us make a decision," said Cowen analyst Jason Seidl. Canadian Pacific argues that Canadian National and Kansas City compete for the business of different shippers and terminals in the same region that would lose out should the merger go through. It also points out that the STB has greenlighted its voting trust structure for a deal with Kansas City Southern.A Canadian Pacific Railway crew works on their train at the CP Rail yards in Calgary, Alberta, April 29, 2014.
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