Rail News Home Kansas City Southern 9/4/2021 Rail News: Kansas City Southern
Kansas City Southern today announced that its board has unanimously determined that the unsolicited proposal received from Canadian Pacific on Aug. 31 to acquire KCS in a cash and stock transaction valued by CP at $300 per KCS share could reasonably be expected to lead to a “company superior proposal” as defined in KCS’s merger agreement with CN.KCS intends to provide CP with nonpublic information and to engage in discussions and negotiations with CP with respect to CP’s proposal, subject in each case to the requirements of the CN merger agreement, KCS officials said in a press release.KCS remains bound by the terms of the CN merger agreement, and KCS's board has not determined that CP's proposal in fact constitutes a company superior proposal. In addition, KCS notes that there can be no assurance that the discussions with CP will result in a transaction, the press release stated.As previously announced on May 21, KCS entered into a merger agreement with CN, pursuant to which CN agreed to acquire KCS in a stock and cash transaction valued at $325 per KCS share based on the CN and KCS closing prices on May 12.
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Rail News Home Kansas City Southern 9/3/2021 Rail News: Kansas City Southern
Kansas City Southern has rescheduled until Sept. 24 a special meeting of stockholders to vote on the CN merger agreement and other proposals.KCS adjourned the special meeting that had been scheduled for today.All stockholders of record of KCS common stock and KCS 4% non-cumulative preferred stock as of the close of business on July 1, 2021, remain entitled to vote their shares at the special meeting, KCS officials said in a press release.As previously disclosed, KCS is working to evaluate its options and the KCS Board of Directors will continue to make decisions based on the best interests of the company and its stockholders, they said.Earlier this week, after the Surface Transportation Board rejected the use of a voting trust in the proposed CN-KCS merger, KCS confirmed that it received an unsolicited proposal from Canadian Pacific reaffirming CP’s interest in acquiring KCS.
Kansas City Southern has rescheduled until Sept. 24 a special meeting of stockholders to vote on the CN merger agreement and other proposals.KCS adjourned the special meeting that had been scheduled for today.All stockholders of record of KCS common stock and KCS 4% non-cumulative preferred stock as of the close of business on July 1, 2021, remain entitled to vote their shares at the special meeting, KCS officials said in a press release.As previously disclosed, KCS is working to evaluate its options and the KCS Board of Directors will continue to make decisions based on the best interests of the company and its stockholders, they said.Earlier this week, after the Surface Transportation Board rejected the use of a voting trust in the proposed CN-KCS merger, KCS confirmed that it received an unsolicited proposal from Canadian Pacific reaffirming CP’s interest in acquiring KCS.
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Rail News Home Union Pacific Railroad 9/2/2021 Rail News: Union Pacific Railroad
Union Pacific Railroad announced it is among U.S. employers actively hiring as the nation’s economy continues to improve.The Class I is soliciting applicants for more than 50 job openings across its system, with more openings anticipated in the coming months, according to a report on UP’s website.Finding new employees "has never been more competitive or sometimes difficult," reported Ken Kuwamura, senior manager of talent acquisition at UP."Other industries, like entertainment, trucking, education, medical and construction, also are experiencing similar challenges," he wrote.Adding to the hiring challenge is a commitment the railroad made to improve its workplace diversity. By 2030, UP has said it will increase representation of women in its workforce to 11%, doubling its current population, and has a goal of increasing its minority workforce to 40%."We've included several working groups across the company to focus on many different issues that all ultimately lead back to making our work environment one that attracts many candidates from diverse families, backgrounds and experiences," Kuwamura wrote.In addition, UP has put in place an incentive program for current transportation employees to relocate to some of the areas in need of workers."The program has been a huge success and will soon be rolled out to the other crafts at Union Pacific," said Kuwamura.
Union Pacific Railroad announced it is among U.S. employers actively hiring as the nation’s economy continues to improve.The Class I is soliciting applicants for more than 50 job openings across its system, with more openings anticipated in the coming months, according to a report on UP’s website.Finding new employees "has never been more competitive or sometimes difficult," reported Ken Kuwamura, senior manager of talent acquisition at UP."Other industries, like entertainment, trucking, education, medical and construction, also are experiencing similar challenges," he wrote.Adding to the hiring challenge is a commitment the railroad made to improve its workplace diversity. By 2030, UP has said it will increase representation of women in its workforce to 11%, doubling its current population, and has a goal of increasing its minority workforce to 40%."We've included several working groups across the company to focus on many different issues that all ultimately lead back to making our work environment one that attracts many candidates from diverse families, backgrounds and experiences," Kuwamura wrote.In addition, UP has put in place an incentive program for current transportation employees to relocate to some of the areas in need of workers."The program has been a huge success and will soon be rolled out to the other crafts at Union Pacific," said Kuwamura.