CN's letter says it also aims to "correct misleading statements" in a letter rival
On Tuesday,
The two Canadian railways have been trading barbs since then, with CP insisting a CN-KCS merger can't be approved because CN is much larger than CP and its network has more overlap with KCS, and CN arguing that its offer is "superior" for both investors and shippers and therefore in the public interest.
CP says that more than 400 shippers have filed letters supporting its bid. In its letter Friday, CN says it has spoken to numerous customers and other stakeholders since announcing its offer and many want to write letters of support which CN will share with the STB "in coming days."
The two don't even agree on how big a CN-KCS combination would be — CN says it would be the fifth largest Class 1 railway (counting only
KCS's rail assets in
"CN is confident that KCS will recognize the value of the CN proposal and will choose to partner with CN," says the CN letter sent Friday.
"But that is a choice for KCS and its shareholders to make. Under the terms of the KCS-CP merger agreement, CP has the opportunity to make a competitive counteroffer if it wishes and to make its pitch to KCS for why such a counteroffer would be superior."
This report by
Companies in this story: (TSX:CNR, TSX:CP)
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