Rail News Home Kansas City Southern 8/2/2021 Rail News: Kansas City Southern
Kansas City Southern today responded to Canadian Pacific's filing last week of a preliminary proxy statement seeking votes against the CN-KCS merger proposal.In a prepared statement, KCS officials said that CP's filing "is part of an effort to defeat a transaction that offers KCS shareholders $50 per share more than CP was willing to offer."In May, CP decided not to take advantage of its five-business-day match right, per the terms of its initial merger contract, to compete with CN’s superior proposal. Since that time, CP has consistently criticized the CN-KCS combination, KCS officials said.KCS officials also noted that, even though CP claims in its latest filing that its "ready to re-engage with KCS," CP has not made a new proposal."Nor did it commit to making one in the future," they said, adding that there can be no assurances that CP will make an offer or proposal to KCS.KCS continues to recommend that its shareholders vote in favor of the CN combination.KCS's full statement is available here.
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Rail News Home CSX Transportation 7/30/2021 Rail News: CSX Transportation
Maine Gov. Janet Mills Photo – usm.maine.edu
Maine Gov. Janet Mills Photo – usm.maine.edu
CSX announced yesterday that its proposed merger with New England’s Pan Am Railways Inc. gained additional support from Maine Gov. Janet Mills as well as four shippers, two municipalities and one member of the New York State Assembly. All filed letters with the Surface Transportation Board (STB) to express support for the deal, CSX officials said in a press release.
“This transaction has the potential to bring substantial benefits to Maine. The state of Maine relies on rail traffic to deliver goods and support our economy. If the transaction is approved, CSX has indicated that it will make upgrades to track and locomotives to provide improved service, extend positive train control on Amtrak's Downeaster, and make other improvements to the rail network,” Mills wrote, according to CSX.