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    CP   CA13645T1003

CANADIAN PACIFIC RAILWAY LIMITED

(CP)
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CP urges Kansas City Southern shareholders to oppose CN takeover next month

07/30/2021 | 01:15pm EDT

CALGARYCanadian Pacific Railway Ltd. is urging Kansas City Southern shareholders to vote against the proposed merger with Canadian National Railway Co. because of the regulatory uncertainty of its rival's US$33.6-billion bid.

The Calgary-based railway made the request in a regulatory filing ahead of the U.S. railway's special meeting on Aug. 19.

It says shareholder approval at this stage would not be in the interests of KCS shareholders because of the uncertainty over whether the U.S. regulator will approve CN's request for a CN voting trust.

The trust would allow KCS shareholders to receive payment from CN while also ensuring that the railway is run independently until the Surface Transportation Board rules on the merger itself.

CP says CN's proposed acquisition can be decided later, when more information is available, potentially opening the door for it to again bid to buy the railway.

Canadian Pacific received a US$700 million break fee paid by CN after KCS determined that CN's bid was superior to the one KCS's board previously endorsed from CP.

“CP has always said it wanted to do a friendly deal with KCS and that remains true,” stated CP chief executive Keith Creel.

“CP would have preferred not to appeal directly to KCS’s stockholders, but given the impending vote on CN’s proposal, we believe we have no choice."

He said shareholder approval would prevent KCS shareholders from considering alternatives until CN's purchase agreement expires on Feb. 21.

“We want to ensure KCS stockholders are aware that a vote today, without the benefit of an STB decision on the CN voting trust proposal and without a chance to consider other proposals until the spring of next year, would not be in their best interests,” Creel added.

This report by The Canadian Press was first published July 30, 2021.

Companies in this story: (TSX:CNR, TSX:CP)

© 2021 The Canadian Press. All rights reserved., source Canadian Press DataFile

Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN NATIONAL RAILWAY COMPANY -0.35% 146.55 Delayed Quote.4.72%
CANADIAN PACIFIC RAILWAY LIMITED 0.42% 83.29 Delayed Quote.-6.08%
KANSAS CITY SOUTHERN 0.27% 272.43 Delayed Quote.33.10%
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Analyst Recommendations on CANADIAN PACIFIC RAILWAY LIMITED
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Financials
Sales 2021 8 301 M 6 555 M 6 555 M
Net income 2021 3 284 M 2 594 M 2 594 M
Net Debt 2021 8 163 M 6 446 M 6 446 M
P/E ratio 2021 16,9x
Yield 2021 0,94%
Capitalization 55 545 M 43 754 M 43 864 M
EV / Sales 2021 7,67x
EV / Sales 2022 7,17x
Nbr of Employees 12 709
Free-Float 100,0%
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Number of Analysts 24
Last Close Price 83,29 CAD
Average target price 102,21 CAD
Spread / Average Target 22,7%
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Managers and Directors
Keith Edward Creel President, Chief Executive Officer & Director
Nadeem S. Velani Chief Financial Officer & Executive Vice President
Isabelle Courville Chairman
Justin Dale Meyer Vice President-Engineering
Pam Arpin Chief Information Officer
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