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.

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Source Fool.com