Kansas City Southern says its shareholders will vote on the US$33.6-billion takeover offer from Canadian National Railway Co. next month.
The U.S. railway says a virtual meeting will be held Aug. 19 with all common and non-cumulative preferred stockholders as of July 1 eligible to vote.
If approved by a majority of KCS outstanding voting shares and a key voting trust is sanctioned by the U.S. Surface Transportation Board, each common shareholder will receive US$200 in cash and 1.129 shares of CN stock, together valued at US$325, for each KCS stock.The deal also includes about US$3.8 billion in KCS debt and CN will pay a US$700-million break fee owed to Canadian Pacific Railway Ltd. which had negotiated an earlier deal to buy KCS.
The voting trust will allow KCS to remain independent and protect its financial health while a full review of the transaction is conducted, but allow shareholders to be paid without having to wait for a final decision on the deal.
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