Kansas City Southern in talks on dueling rail takeover bids

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FILE – In this Nov. 5, 2004 file photo, the logo of Kansas City Southern is down on a restored 1954 Kansas City Southern passenger locomotive at Union Station in Kansas City, Mo. A bidding war is breaking out for Kansas City Southern, with Canadian National Railway making a $33.7 billion cash-and-stock offer for the railway. The bid trumps a $25 billion cash-and-stock proposal made by Canadian Pacific last month. Shares of Kansas City Southern jumped more than 18% in Tuesday, April 20, 2021 premarket trading.(Norman Ng/The Kansas City Star via AP)

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.

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