Canadian National Takes Lead in Bidding for Kansas City Southern

Canadian National Takes Lead in Bidding for Kansas City Southern
·3 min read

(CNR) took the lead in the race to acquire (KSU) which declared the railroad operator’s roughly $30 billion takeover bid superior to a rival proposal. The declaration came after Canadian National agreed to add more stock to its proposal and cover the $700 million breakup fee Kansas City Southern would owe (CP) for walking away from their existing merger agreement, according to statements from the companies late Thursday. The Wall Street Journal had earlier reported that Canadian National was expected to sweeten its offer and could win over Kansas City Southern soon.