Blackstone, GIP Make Takeover Bid for Kansas City Southern
September 02 2020 - 3:30PM
Dow Jones News
By Cara Lombardo and Miriam Gottfried
A group of buyout investors has made a takeover offer for
railroad operator Kansas City Southern, which has a market value of
more than $17 billion, according to people familiar with the
matter.
Blackstone Group Inc. and Global Infrastructure Partners
submitted the bid after a previous approach was rebuffed, the
people said. It is unclear whether Kansas City Southern will be
receptive this time and details of the offer couldn't be
learned.
Kansas City Southern shares traded around $184.78 Wednesday
afternoon, giving the Missouri-based company a market value of
about $17.5 billion.
The Wall Street Journal reported in late July that the
private-equity firms were contemplating a takeover bid for the
railroad. Since then, Kansas City Southern's stock price has jumped
on hopes of a deal.
Kansas City Southern is working with Morgan Stanley to consider
the bid, some of the people said.
(More to come)
Write to Cara Lombardo at cara.lombardo@wsj.com and Miriam
Gottfried at Miriam.Gottfried@wsj.com
(END) Dow Jones Newswires
September 02, 2020 15:15 ET (19:15 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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