4 October 2007
Canadian Pacific Completes Acquisition of DM&E Railroad
Dakota, Minnesota & Eastern
4006.
Canadian Pacific Railway Limited announced today that it has
completed the transaction to acquire Dakota, Minnesota & Eastern Railroad Corporation and its subsidiaries (DM&E). The
agreement was previously announced on 4 Sep 2007.
The transaction is subject to review and approval by the U.S. Surface Transportation Board (STB), pending which the shares of DM&E
have been placed into an independent voting trust. The voting trust is required by U.S. law so that CP does not exercise control over
DM&E prior to approval of the transaction by the STB.
CP announced that Mr. Richard Hamlin has been appointed as the trustee during the review period. Mr. Hamlin is a private consultant
with over 30 years of experience serving major transportation companies. He is a retired National Director for the Transportation
Practice of KPMG LLP and has served as past Chairman of the American Institute of CPA's (AICPA) Transportation Committee and of its
Railroad and Trucking Task Forces. He has also served on the executive committee of numerous councils of the American Trucking
Associations (ATA).
CP has developed a solid transition plan which focuses on safety and customer service that it will, subject to any requirements imposed
by the STB, implement upon receipt of STB approval of the acquisition. The DM&E will become part of CP's overall U.S. network upon
receipt of STB approval. The STB review process is expected to take less than a year.
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