Canadian National Launches Rival $33 Billion Bid for Kansas City Southern
Canadian National Railway (NYSE: CNI) has launched a $33 billion bid for Kansas City Southern (NYSE: KSU), trying to break up rival Canadian Pacific Railway's (NYSE: CP) agreement to acquire the U.S. railroad.
Canadian National (CN) is offering cash and stock worth $325 per share for Kansas City Southern, which is about $56 per share more than the initial Canadian Pacific (CP) offer. In a letter to the Kansas City Southern board, CN said it believes its deal would provide greater long-term stability than a CP/Kansas City Southern pairing.
Image source: Canadian National.
Source Fool.com
