(Source: Kansas City Southern press release, December 10, 2021)
KANSAS CITY, Mo. — Kansas City Southern (“KCS”) announced that the Company’s stockholders have voted to approve the previously announced combination with Canadian Pacific Railway Limited (“CP”) at today’s virtual Special Meeting of Stockholders (“Special Meeting”). Of the 64.5 million shares voting at the Special Meeting, approximately 99.6% were cast in favor of the adoption of the proposed merger agreement.
The transaction is expected to close on Tuesday, December 14, 2021. KCS stockholders will receive $90 in cash and 2.884 CP shares for each KCS common share held and $37.50 in cash for each KCS preferred share held. Immediately upon close, ownership of KCS will be held in a voting trust pending the Surface Transportation Board’s review and approval of CP’s proposed control of KCS, which is expected to occur in the fourth quarter of 2022.
On December 8, CP’s stockholders voted to approve the issuance of the CP common shares to KCS stockholders in connection with the proposed merger.