Cp calls on kcs board to reject cn's anti-competitive proposal

Cp reaffirms its commitment to only true end-to-end and pro-competition combination letter outlines heightened regulatory risk with cn proposal; only cp-kcs is in public interest and achievable   calgary, ab, may 20, 2021 /prnewswire/ - today, canadian pacific railway limited (tsx: cp) (nyse: cp) announced that it sent a letter to kansas city southern's ("kcs") board of directors calling on them to reject canadian national's ("cn") proposal in light of intervening events and reaffirming its commitment to the pro-competitive cp-kcs combination and the achievable, compelling value under the pre-existing merger agreement. the full text of the may 20, 2021 letter is below: board of directorsc/o pat ottensmeyer kansas city southern427 west 12th street kansas city, missouri 64105 dear members of the kansas city southern ("kcs") board of directors: on behalf of canadian pacific railway limited ("cp"), i am writing in response to the notice kcs delivered to cp on may 13, 2021, regarding the kcs board's determination that the revised proposal received from canadian national ("cn") that day (the "revised cn proposal") constitutes a "company superior proposal" (as such term is defined in our agreement and plan of merger, dated march 21, 2021 (the "cp-kcs merger agreement").
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