THE Canadian Pacific Railway, working to persuade US regulators to stop its rival, the Canadian National from taking over the Kansas City Southern, said CN bid should be disqualified for faults in its voting trust takeover instrument.
'CN continues to try to limit the Surface Transportation Board's discretion to determine what is in the public interest, repeating its flawed rhetoric about the board's 'narrow test' and asserting that concerns raised by 'rail labour, communities and passenger rail??are not relevant to this voting trust decision',' said the cp press release.
'CN also repeats its false assertion that CN and CP are 'identically situated' with respect to the relevant public interest factors, despite the fundamental differences in the public interest implications of their proposals that have already led the STB to subject the CN proposal to the 2001 merger rules and the elevated public test for voting trusts, pursuant to which approval shall be the 'rare' exception rather than the routine,' CP continued.
'CP looks forward to offering KCS shareholders a realistic, achievable and ultimately superior path to realise the value of their stake in this proud company. On close inspection, CN's bid remains truly illusory,' CP told the STB.
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'CN continues to try to limit the Surface Transportation Board's discretion to determine what is in the public interest, repeating its flawed rhetoric about the board's 'narrow test' and asserting that concerns raised by 'rail labour, communities and passenger rail??are not relevant to this voting trust decision',' said the cp press release.
'CN also repeats its false assertion that CN and CP are 'identically situated' with respect to the relevant public interest factors, despite the fundamental differences in the public interest implications of their proposals that have already led the STB to subject the CN proposal to the 2001 merger rules and the elevated public test for voting trusts, pursuant to which approval shall be the 'rare' exception rather than the routine,' CP continued.
'CP looks forward to offering KCS shareholders a realistic, achievable and ultimately superior path to realise the value of their stake in this proud company. On close inspection, CN's bid remains truly illusory,' CP told the STB.
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