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The Surface Transportation Board (STB) yesterday announced it rejected CSX’s proposed acquisition of Pan Am Systems Inc. and its short-line subsidiaries because the Class I’s application was considered "incomplete."
The board found that the application did not include all of the information necessary for purposes of a "significant" transaction under its regulations, STB officials said in a press release.
"The boards decision expresses no conclusions about the ultimate merits of the proposed transaction, expressly permits the applicants to file a revised application and provides guidance on the informational requirements," they said.
The STB's decision can be read here.
CSX is proposing to acquire control of seven rail carriers owned by Pan Am Systems Inc. and Pan Am Railways Inc., and to merge six of those railroads into CSX.