Kansas City Southern Rejects $20 Billion Takeover Offer From Investor Group--Update
September 09 2020 - 4:35PM
Dow Jones News
By Cara Lombardo and Miriam Gottfried
Kansas City Southern has rejected a roughly $20 billion takeover
offer from a group of investors, arguing that the bid undervalues
the railroad operator, according to people familiar with the
matter.
Global Infrastructure Partners and the infrastructure arm of
private-equity giant Blackstone Group Inc. had offered Kansas City
Southern $208 a share, some of the people said. Kansas City
rejected that offer after earlier brushing back a bid that was
below $200 a share, the people said. The two sides aren't in
discussions.
The most recent offer, which The Wall Street Journal first
reported last week without quantifying it, represented a roughly
35% premium to Kansas City Southern's share price before the
Journal reported that the firms were contemplating a bid in late
July, when the stock was already rising on speculation of a
potential takeover.
Write to Cara Lombardo at cara.lombardo@wsj.com and Miriam
Gottfried at Miriam.Gottfried@wsj.com
(END) Dow Jones Newswires
September 09, 2020 16:20 ET (20:20 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Blackstone (NYSE:BX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Blackstone (NYSE:BX)
Historical Stock Chart
From Sep 2023 to Sep 2024