(Source: Trains Magazine, September 15, 2021)
KANSAS CITY, Mo. — The four-month battle for Kansas City Southern is officially over. KCS and Canadian National ripped up their $33.6 billion merger agreement today, 15 days after the Surface Transportation Board denied CN’s request to place KCS into an independent voting trust. Because of the way their deal was unwound, CN will not be on the hook for merger breakup fees. KCS will pay CN a $700 million cash termination fee, as well as a $700 million cash “CP termination fee refund” provided for in the CN merger agreement. CP, which received a $700 million breakup fee from KCS in May, will reimburse KCS for the payments to CN.
Full story: Trains Magazine