the company increased the amount of stock it was paying for its U.S.-based target, so KCS shareholders will get a little bit more of the combined company. The move accommodated a fall in the acquirer’s stock price since it first announced a bid. Both its earlier offer and the current one amount to $325 a share, or an enterprise value of nearly $34 billion.
Shares had been moving against CN, falling since it first bid for KCS while CP’s stock had gone up. That may be why CN wanted to seal the deal. CP has said it won’t get into a bidding war but will respond in due course. It could be waiting around for regulators to do the job of batting CN’s offer down. That could still happen, but for now, CN is in the captain’s chair.
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