eolesen wrote: ↑Sat Apr 24, 2021 9:11 amCorrect me if I'm wrong, but the STB ruling simply says it's not blocking KCS and CP.This decision has nothing to do with blocking the merger itself. It only decides under which rules the merger will be reviewed. The STB decided to review the merger under the pre 2001 rules that are more favorable for such a merger.
This decision also does not approve or block the use of the voting trust. That will be a separate decision.
eolesen wrote: ↑Sat Apr 24, 2021 9:11 amThis still has to get past shareholders and the KCS board, so CN's offer ain't dead yet.KCS dropping out of the merger agreement (whether or not they merge with another company) will cost KCS $700 million per their agreement with CP. The wording of the STB decision also signals that KCS' merger with any other Class I would not be reviewed under the pre-2001 rules. It is in KCS' best interest to stay with the deal they made unless CN's allegedly "superior offer" remains superior after the penalty is paid - and is a viable offer that would be approved by the STB.