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Share Name Share Symbol Market Type
Canadian Pacific Railway Limited TSX:CP Toronto Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.65 -0.13% 482.37 481.05 482.80 488.65 481.00 482.41 247,038 21:29:59

Kansas City Southern Shares Rise Premarket on Canadian Pacific Deal

22/03/2021 11:11am

Dow Jones News


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By Colin Kellaher

 

Shares of Kansas City Southern rose more than 15% in premarket trading Monday after the company agreed to be acquired by Canadian Pacific Railway Ltd. in a $25 billion deal that would create the first freight-rail network linking Mexico, the U.S. and Canada.

Based on Friday's closing prices, the cash-and-stock deal values Kansas City Southern at $275 a share, a 23% premium.

Canadian Pacific agreed to pay $90 in cash and issue 0.489 shares for each Kansas City Southern share, with Kansas City Southern shareholders owning 25% of the combined company.

Kansas City Southern shares, which closed Friday at $224.16, were recently up 17% to $261.70 in light premarket trading. U.S.-listed shares of Canadian Pacific, which closed Friday at $378.48, slipped 3%.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

March 22, 2021 06:56 ET (10:56 GMT)

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

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