Gathered from a fellow TrainBoard member's email. Looks like things are hotting up again... Wednesday April 4, 1:02 pm Eastern Time Press Release SOURCE: Wisconsin Central Transportation Corporation Wisconsin Central Transportation Corporation Stockholders Approve Merger Agreement with Canadian National ROSEMONT, Ill., April 4 /PRNewswire/ -- Wisconsin Central Transportation Corporation (Nasdaq: WCLX - news; WCTC) today announced that stockholders overwhelmingly approved the agreement and plan of merger by and between WCTC and a subsidiary of Canadian National Railway Company (CN). Approximately 79% of WCTC's 46.4 million shares outstanding were voted on the proposal, of which 99% supported the transaction. The action was taken at a special meeting of stockholders held earlier today. Thomas F. Power, Jr., President and Chief Executive Officer of WCTC, commented: "We are gratified by our stockholders' strong support and encouragement throughout our entire strategic review and implementation process, culminating in today's vote. The merger of WCTC and CN is the best transaction for our shippers, stockholders and employees." Subject to regulatory approval of the Surface Transportation Board and certain other conditions, stockholders of WCTC will be entitled to receive $17.15 in cash for each outstanding share of common stock held on the effective date of the merger. WCTC expects the transaction will close, in the fall of 2001, assuming the STB reviews the transaction as a "minor" proceeding. WCTC and CN believe the merger should be treated as a minor one by the STB, but, if it is not, CN has the option to terminate the merger agreement without penalty. About Wisconsin Central Transportation Corporation Shares of Wisconsin Central Transportation Corporation are publicly traded on The Nasdaq Stock Market® under the symbol WCLX. WCTC's principal subsidiaries, Wisconsin Central Ltd., Fox Valley & Western Ltd., Algoma Central Railway Inc., Sault Ste. Marie Bridge Company, and Wisconsin Chicago Link Ltd., form the Wisconsin Central System and operate approximately 2,800 route miles of railway serving Wisconsin, Illinois, Minnesota, Michigan's Upper Peninsula, and Ontario, Canada. WCTC holds 42.5 percent equity interest in English Welsh & Scottish Railway Holdings Limited, Great Britain's primary freight railroad, 23.7 percent equity interest in Tranz Rail Holdings Limited, New Zealand's nationwide railroad and transportation company, and 33 percent equity interest in Australian Transport Network Limited (ATN), which operates on the mainland and in Tasmania. For more information, see our home page: http://www.wclx.com . This press release contains certain statements that are "forward-looking", within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding, among other matters, the beliefs, expectations, plans and estimates of the company with respect to certain future events, including without limitation assumptions related to market valuation and future performance and similar expressions concerning matters that are not historical facts. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that could cause actual events to differ materially from those expressed in those statements. SOURCE: Wisconsin Central Transportation Corporation Gary. [ 05 April 2001: Message edited by: Gats ]
Thanks for the post Gary , sounds like good news . Hopefully that will bring a increase in business here in Michigan , we are kind of hurting right now due to General Motors cutting back production . BUT it would not surprise me to see the STB shoot this one down , just like the CN-BN merger But then again , who knows The CN-IC merger went rather smoothly , so far . I also think that the CN-WC merger should go smooth as well , I do know that CN has been running their trains on WC track , and vice versa . CN and WC have always had a good so called partnership on sharing eachothers track . Personally if the merger between CN&WC does take place , there won't be any MAJOR changes other than maybe a increase in business for both companies BTW Gary , I looked at your Homepage and it looks sweet I wish I had the tools and knowledge tho build a site like that [ 05 April 2001: Message edited by: Davecn5623 ]
