THE Canadian Pacific Railway (CP) praised the board of the Kansas City Southern (KCS) railway for delaying a shareholder vote on Canadian National's (CN) takeover bid until after the regulating Surface Transportation Board (STB) ruling is published August 17.
'We applaud the KCS board's decision to adjourn the August 19 stockholder meeting absent a decision from the STB to give all shareholders and the board time to receive and consider the STB decision,' said the cp statement
CP said it has always maintained KCS stockholders should have all relevant information, including the STB decision on the CN voting trust, to be able to make an informed decision, avoid being locked into the CN-KCS deal and preserve the ability to consider a better alternative proposal.
'We are confident that the STB will take the time needed to review the myriad of issues and concerns the CN voting trust raises. We continue to believe that CN's proposed use of a voting trust should not be approved because it is anti-competitive and not in the public interest,' CP said.
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'We applaud the KCS board's decision to adjourn the August 19 stockholder meeting absent a decision from the STB to give all shareholders and the board time to receive and consider the STB decision,' said the cp statement
CP said it has always maintained KCS stockholders should have all relevant information, including the STB decision on the CN voting trust, to be able to make an informed decision, avoid being locked into the CN-KCS deal and preserve the ability to consider a better alternative proposal.
'We are confident that the STB will take the time needed to review the myriad of issues and concerns the CN voting trust raises. We continue to believe that CN's proposed use of a voting trust should not be approved because it is anti-competitive and not in the public interest,' CP said.
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