OTTAWA (dpa-AFX) - Canadian Pacific Railway Limited (CP, CP.TO) announced that Canadian National's (CNI, CNR.TO) proposal for Kansas City Southern (KSU) is illusory, inferior and likely to fail.
In March, Canadian Pacific Railway agreed to acquire Kansas City Southern in a stock and cash transaction representing an enterprise value of about $29 billion.
Earlier today, Canadian National Railway made a proposal to buy Kansas City Southern in a cash-and-stock transaction valued at $33.7 billion, including $3.8 billion of KCS debt.
Commenting on the new proposal, Kansas City Southern issued a statement afternoon that its board will evaluate CN's proposal in accordance with the terms of merger agreement with CP and will respond in due course.
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