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Kansas City Southern determines Canadian Pacific bid superior to other offer

Sept 12 (Reuters) - Kansas City Southern said on Sunday it has received a revised proposal from Canadian Pacific , which the board determined was superior to the offer from Canadian National Railway.

Under the terms of Canadian Pacific’s revised proposal, each share of Kansas City Southern common stock would be exchanged for 2.884 common shares of Canadian Pacific and $90 in cash, a statement said.

The statement added that the proposal is binding on Canadian Pacific and may be accepted by Kansas City Southern at any time prior to 5 p.m. EDT (2100 GMT) on Sept. 20.

Reporting by Radhika Anilkumar in Bengaluru; Editing by Lisa Shumaker

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