We're interested in this story mostly because the sale of an iconic local biz offers important context for the current cultural shift and the evolving American landscape.
Accordingly, here's a peek at one of many problems with the deal . . .
Montreal-based Canadian National has offered US$30 billion for its U.S. rival, but the transaction appears to have little chance of succeeding after the U.S. Surface Transportation Board, a part of the Transportation Department, rejected CN’s request to use a voting trust.
The trust was vital to the deal because it would have allowed Kansas City shareholders to get paid for their shares while regulators conducted an extended review of the merger.
Read more via www.TonysKansasCity.com news link . . .
Canadian National Railway Co. should drop its pursuit of Kansas City Southern now that regulators have erected a major roadblock, a CN shareholder said, adding its voice to TCI Fund Management Ltd.'s public campaign against the deal. "It was a reasonable effort, although I certainly agree with TCI.