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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.59 | -0.34% | 171.89 | 171.75 | 172.00 | 174.34 | 171.43 | 173.34 | 630,091 | 21:12:18 |
By Dave Sebastian
Kansas City Southern said it will combine with Canadian National Railway Co. after deeming the offer as superior over the deal it had struck with Canadian Pacific Railway Co.
The deal has an enterprise value of $33.6 billion, including the assumption of about $3.8 billion in Kansas City Southern's debt, the companies said Friday. The combination would create the first freight-rail network linking the U.S., Mexico and Canada by connecting ports in the three countries.
Kansas City Southern shareholders will get $325 a share based on Canadian National's May 13 offer, comprising $200 in cash and 1.129 shares of Canadian National stock for each Kansas City Southern share, the companies said. They said Kansas City Southern's preferred shareholders will get $37.50 in cash for each preferred share. Kansas City shareholders are expected to own about 12.6% of the combined company, they added.
The companies said they are confident in their ability to obtain regulatory approvals, including from the U.S. Surface Transportation Board and the Federal Economic Competition Commission and Federal Telecommunications Institute in Mexico.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
May 21, 2021 11:44 ET (15:44 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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