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STB UNANIMOUSLY REJECTS CN-KCS VOTING TRUST. CPKC BACK IN PLAY (Updated Sept. 3)
Written by William C. Vantuono, Editor-in-ChiefUPDATED SEPT. 3, 2021: The United States Surface Transportation Board—as expected by many industry observers and financial analysts—on Aug. 31, 2021, by unanimous vote, rejected the CN-Kansas City Southern voting trust, effectively killing the merger, and opening the door for Canadian Pacific to re-engage with KCS on the CPKC (“Canadian Pacific Kansas City”) deal it struck with KCS on March 21, albeit with a sweetened offer. KCS postponed its Sept. 3 shareholder meeting to vote on the CN offer until 9 a.m. (CT) on Sept. 24. It is now “evaluating its options,” which includes considering CP’s offer.