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Blackstone, GIP make takeover bid for Kansas City Southern
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A group of buyout investors has made a takeover offer for railroad operator Kansas City Southern, which has a market value of more than $18 billion, according to people familiar with the matter.
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Blackstone Group Inc. and Global Infrastructure Partners submitted the bid after a previous approach was rebuffed, the people said. It is unclear whether Kansas City Southern will be receptive this time and details of the offer couldn’t be learned.
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Kansas City Southern shares closed up more than 5% Wednesday after The Wall Street Journal reported the bid, to $193.78. That gives the Missouri-based company a market value of more than $18 billion.
The Journal reported in late July that the private-equity firms were contemplating a takeover bid for the railroad. Since then, Kansas City Southern’s stock price has jumped on hopes of a deal.