Report: KCS turns down latest effort to buy railroad

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Kansas City Southern has turned down the latest bid to buy the railroad, the Wall Street Journal is reporting. In a paywalled article, the Journal reports that Global Infrastructure Partners and Blackstone Group Inc.’s infrastructure arm had offered $208 a share, or roughly $20 billion, for the Class I railroad, which felt the takeover bid undervalued the railroad. The two sides are reportedly no longer in discussions.

The bid from Global and Blackstone was reported last week [see “Digest: Investment groups make new offer to buy Kansas City Southern,” Sept. 3] and was the second after an offer was rebuffed earlier this year.

KCS, the smallest of the U.S. Class I railroads, said Wednesday that it expects 2020 earnings per share to be similar to those in 2019.

 

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