A multibillion-dollar bidding war is underway for Kansas City Southern, the smallest of the Class I freight railroads but one that is being sought by Canada’s two rival railroads.
On Aug. 10, Canadian Pacific got back into the game, upping its bid to $31 billion from $25 billion it offered in March, only to be outbid a little more than a month later by Canadian National, which proposed $33.6 billion. Weeks later, the Kansas City Southern board of directors rejected the CP offer it had accepted in March and said it would accept the CN proposal.
