By Stephen Nakrosis 
 

Kansas City Southern shares rose Tuesday after the railroad said it received an unsolicited proposal from Canadian Pacific Railway Ltd. to acquire the company.

Kansas City Southern said Canadian Pacific offered shareholders 2.884 Canadian Pacific common shares and $90 in cash for each share of Kansas City common stock.

At 11:44 a.m. ET, Kansas City Southern shares were trading 7% higher at $288.69 a share. Volume at the time topped 1.3 million shares, above the stock's 65-day average volume of 971,673.

Canadian Pacific in March said it agreed to buy Kansas City Southern in a deal valued at about $25 billion. Kansas City Southern later agreed to be acquired in a deal with Canadian National Railway Co. valued at about $30 billion.

 

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

August 10, 2021 12:06 ET (16:06 GMT)

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