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Kansas City Southern comments on Surface Transportation Board's decision to deny use of voting trust for merger with CN Rail

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Kansas City Southern comments on Surface Transportation Board's decision to deny use of voting trust for merger with CN Rail

September 01, 2021 - 12:25
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KANSAS CITY, MO, Sept. 1, 2021 (Press Release) -Kansas City Southern (“KCS”) today issued the following statement in response to the Surface Transportation Board’s ("STB") decision to deny the use of a voting trust in connection with the definitive merger agreement between CN and KCS:

We are disappointed in the STB’s decision to reject CN’s proposed voting trust. We are working with CN to evaluate the options available to us.

KCS intends to adjourn the Special Meeting of Stockholders (the “Special Meeting”) for KCS stockholders to vote on the previously announced definitive merger agreement with CN and other proposals. The Special Meeting is currently scheduled to take place at 9:00 a.m., Central Time, on September 3, 2021.

About Kansas City Southern

Headquartered in Kansas City, Mo., Kansas City Southern (KCS) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada.