Canadian Pacific Railway made an offer on Tuesday to acquire Kansas City Southern for $31 million, escalating a bidding war for the U.S. railway. The offer comes in slightly lower than a rival bid from Canadian National, which agreed to acquire Kansas City Southern in May 2021 for $33.5 billion. Canadian Pacific indicated that its proposal has “significantly higher regulatory certainty.” Canadian Pacific was advised by Sullivan & Cromwell; Bennett Jones; and Stinson LLP. Creel-García-Cuéllar, Aiza y Enríquez advised Canadian Pacific on Mexican laws. Evercore, serving as the financial advisor to the board of Canadian Pacific, was represented by Blake, Cassels & Graydon.

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Read the press release here.