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Share Name Share Symbol Market Type
Canadian National Railway Company TSX:CNR Toronto Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.40 1.79% 136.42 136.30 136.49 136.48 133.27 134.47 1,288,690 21:29:59

Kansas City Southern Shares Rally After Canadian National Lobs Rival Bid

20/04/2021 3:52pm

Dow Jones News


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By Robb M. Stewart

 

Kansas City Southern's shares rallied Tuesday on the prospect of a bidding war after Canadian National Railway Co. made a roughly $30 billion offer that challenges an agreed sale to its Canadian rival.

In morning trading, Kansas City's shares were 16% higher at $296.30. They are up 45% so far in 2021, and have more than doubled over the past 12 months.

CN's shares were down 6.8% at C$138.17, while rival Canadian Pacific Railway Ltd.'s were 0.3% lower at C$456.65.

CN said it is offering $325 for each share of Kansas City Southern, including $200 a share in cash and 1.059 CN shares. Its bid represents a 21% premium to CP's agreement to pay $275 a share, including $90 in cash, in a roughly $25 billion deal reached last month.

 

Write to Robb M. Stewart at robb.stewart@wsj.com

 

(END) Dow Jones Newswires

April 20, 2021 10:37 ET (14:37 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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