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Kansas City Southern takeover vote delayed after bid gutted
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A planned shareholder vote on Canadian National's $33.6 billion offer has been delayed after regulators rejected a key part of the plan, so now Kansas City Southern railroad can consider all of its options, including a competing $31 billion offer from Canadian Pacific Railway.
KANSAS CITY SOUTHERN
CANADIAN NATIONAL RAILWAY CO.
CANADIAN PACIFIC RAILWAY LTD.
While both Kansas City Southern and Canadian National expressed disappointment in Tuesday's ruling from the Surface Transportation Board, Canadian Pacific officials expressed optimism Wednesday that they will be able to consummate the deal they first announced back in March after months of back and forth. KCS shareholders had been set to vote on the CN deal on Friday.
"It’s time to get on with this and creating the significant value for the shareholder, for the customer and for the employees," Canadian Pacific CEO Keith Creel said.