By Canadian Press

CP & CN Rail each bid more than $30B US for Kansas City Southern

Aug 10, 2021 | 10:13 AM

CALGARY – Canadian Pacific Railway Ltd. is making a new takeover offer for Kansas City Southern that values the U.S. railway at US$31 billion.

The new bid comes ahead of a vote on Aug. 19 by Kansas City Southern shareholders on a rival offer by Canadian National Railway Co. valued at US$33.6 billion.

However, CP Rail says its offer is more likely to be approved by U.S. regulators.

Under its new offer, KCS shareholders would receive 2.884 CP Rail shares and US$90 in cash for each common share held, representing a value of about US$300 per share.

The bid is up from an earlier offer valued at US$275 per share.

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The CN proposal would see KCS shareholders will receive US$200 in cash and 1.129 CN shares for each share in an offer valued at about US$325 per share.

(TSX;CNR, TSX;CP)