Rival suitor Canadian Pacific lost no time reminding Kansas City Southern’s board of its US$27 billion merger proposal made on Aug. They also called for a board seat for Gilbert Lamphere, who has previously been on the boards of Illinois Central Railroad, CN and CSX Corp.Ĭanadian National did not immediately respond to a request for comment. The pair said Pace and Jean-Jacques Ruest, Canadian National’s CEO, should resign immediately they urged the board to replace Ruest with Jim Vena, a former Union Pacific Corp. That the Board sanctioned the bid, together with potential fees of CUS$2 billion, is an egregious failure of oversight and there must be accountability,” TCI Chief Executive Officer Chris Hohn and investment analyst Ben Walker wrote in the letter. “From the start, it has been clear and obvious the bid would fail. If the railway persists in the face of the regulator’s opposition, it runs the risk of reputational damage and financial disaster, the fund said in a letter to the railway’s chairman, Robert Pace. That provided an opening for arch rival Canadian Pacific Railway Ltd., which said its competing offer still stands. Surface Transportation Board rejected a request for a voting trust central to the deal. London-based TCI Fund Management Ltd., which owns more than 5 per cent of CN’s shares, said Tuesday it’s imperative Canadian National walk away from the merger agreement after the U.S. Canadian National Railway Co.’s proposed US$30 billion takeover of Kansas City Southern is under attack after it failed to pass a key regulatory hurdle and faced an immediate call to drop the bid from one of its largest shareholders.

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