OMAHA, Neb. (AP) — As deal talks begin, Canadian National railroad says it is receiving broad support for its $33.7 billion bid to buy Kansas City Southern.
Canadian National said Monday that more than 400 shippers and other stakeholders have submitted letters supporting its offer, including some who previously supported Canadian Pacific’s $25 billion bid to buy Kansas City Southern. That’s similar to the level of support Canadian Pacific says it has received for its offer.
On Friday, Kansas City Southern said it would negotiate with CN about its unsolicited offer because it “could reasonably be expected” to be considered a superior proposal although KCS’ board hasn’t yet determined that it is.