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Rail News: Rail Industry Trends

WC shareholders overwhelmingly approve CN merger


Wisconsin Central Transportation Corp. April 4 announced that 99 percent of its stockholders approved a proposed merger agreement with Canadian National Railway Co.
At a special meeting held earlier that day, stockholders representing approximately 79 percent of WC’s 46.4 million outstanding shares voted on the merger proposal.
Subject to Surface Transportation Board approval and other conditions, WC stockholders would receive $17.15 in cash for each outstanding common share held on the merger’s effective date.
WC officials believe the transaction will close in fall, assuming STB views the merger as a minor proceeding. CN and WC officials previously stated their belief that the merger should be treated as a minor transaction by STB — if the board doesn’t, CN retains an option to terminate the merger agreement without penalty.
"The merger of WC and CN is the best transaction for our shippers, stockholders and employees," said Thomas Power Jr., WC president and chief executive officer, in a prepared statement.

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More News from 4/4/2001