Railroad News

Rail News Home Kansas City Southern 9/12/2021 Rail News: Kansas City Southern
Kansas City Southern today announced that its board has determined that Canadian Pacific's revised proposal constitutes a “company superior proposal” as defined in KCS’s merger agreement with CN.The KCS board made this determination after consultation with the company's outside legal and financial advisers, according to a KCS press release.Under the terms of CP's proposal, each share of KCS common stock would be exchanged for 2.884 CP common shares and $90 in cash. In addition, holders of KCS preferred stock would receive $37.50 in cash for each share of KCS preferred stock held.The proposal is binding on CP and may be accepted by KCS at any time prior to 5 p.m. EDT on Sept. 20. The transaction would be subject to approval by the stockholders of CP and KCS, receipt of regulatory approvals and other customary closing conditions.KCS has notified CN that it intends to terminate KCS's merger agreement with CN and enter into the definitive agreement with CP, subject to CN’s right to negotiate amendments to the merger agreement for at least five business days and the KCS board's further determination as to whether any such amendments would cause the CP proposal no longer to constitute a company superior proposal.CP stands ready to execute a definitive merger agreement to create the first U.S.-Mexico-Canada railway to enhance competition in the North American rail network, CP officials said today in a press release."We are pleased to reach this important milestone and again pursue this once-in-a-lifetime partnership," said Keith Creel, CP president and chief executive officer. "As we have said throughout this process, CP remains committed to everything this opportunity presents. This merger proposal provides KCS stockholders greater regulatory and value certainty. We are excited to move forward as we work toward making this perfect match a reality."

Rail News Home Norfolk Southern Railway 9/10/2021 Rail News: Norfolk Southern Railway
Norfolk Southern Railway yesterday announced $400,000 in grants awarded to 31 food banks located across the states it serves.The funds will support local efforts to combat food insecurity, as well as other assistance initiatives supporting children, families and senior citizens. This latest set of grants builds on NS’s longstanding commitment of giving to these critical community organizations, NS officials said in a press release."Food insecurity impacts every community in our country and disproportionately children and senior citizens. Our role as a company is to move the goods that power the economy, and while a recovery is underway, many are still feeling the economic impact of the pandemic. Norfolk Southern is proud to partner with these food banks as a way to help make a difference by feeding and assisting those in need," said LaSandra Boykin, NS director of corporate giving.The complete list of food banks that received grants can be found on the donations can be found on the NS website.

Rail News Home Canadian National Railway - CN 9/9/2021 Rail News: Canadian National Railway - CN
More about CN's COVID protocols can be found on the company website. Photo – cn.ca