Canadian Pacific Will Not Sweeten Kansas City Southern Offer, Calls Rival Bid "Illusory"
Canadian Pacific Railway (NYSE: CP) will not raise its nearly $30 billion offer for Kansas City Southern (NYSE: KSU), calling a rival $33 billion bid from Canadian National Railway (NYSE: CNI) "illusory" and warning that the Canadian National bid was unlikely to win regulatory approval.
Kansas City Southern (KCS) and Canadian Pacific (CP) struck a deal back in April, but Canadian National (CN) swept in with a rival offer that KCS's board has deemed superior. While some shareholders had hoped CP would return with a higher bid of its own, the company seems confident that it is the only offer that can pass regulatory scrutiny.
Image source: Kansas City Southern.
Source Fool.com
