Missouri Minute: Canadian Pacific ups Kansas City Southern bid; concert venues add vaccination rules

Hello, MBA readers,

A new offer from an old Canadian suitor could complicate the planned purchase of one of the largest companies in the Kansas City area. Railroad operator Canadian Pacific Railway on Tuesday increased its bid for Kansas City Southern to more than $27 billion, or $300 per share. That offer comes as shareholders of the Kansas City-based railroad operator are set to vote this month on a bid of $325 per share from Canadian National Railway. Despite the lower offer, Canadian Pacific executives say their deal has a better chance of winning regulatory approval. Speaking of decisions in the Kansas City area, individuals seeking insurance plans through the Affordable Care Act marketplace will have a new health insurance option for 2022. CVS Health and Aetna are teaming up to offer plans targeting uninsured and underinsured individuals in the Kansas City, Springfield and St. Louis markets. And, at the intersection of the pandemic and the hard-hit live music business, multiple concert venues in the St. Louis area have joined the list of businesses enforcing stricter policies regarding COVID-19 vaccination. The Pageant, Delmar Hall and Off Broadway will all require patrons to have proof of vaccination or a negative COVID-19 test for admission.

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Parson vetoes $2.4 million plan for state employee bonuses
The governor said an alternative plan is in the works that better targets top-performing state workers. (St. Louis Post-Dispatch)

CVS, Aetna partner on insurance plans for Missouri’s individual market
The plans will be available in Missouri counties in the Kansas City, Springfield and St. Louis areas. The companies said they plan to target underinsured and uninsured customers. (Kansas City Business Journal)

St. Louis entertainment venues instituting COVID restrictions
The Pageant, Delmar Hall and Off Broadway are all requiring either proof of a first vaccine dose or a recent negative COVID-19 test for all guests. (St. Louis Post-Dispatch)

Renovation planned for Satchel Paige home
The project planned for the baseball legend’s longtime Kansas City residence includes an event space, coffee shop and possibly a bakery. The expected price tag is up to $3 million. (KCUR)

KC residential realtor reports record sales pace
Better Homes and Gardens Real Estate Kansas City Homes has eclipsed $1 billion in sales volume this year, the earliest it has topped that mark in its 17 years in the market. (Kansas City Business Journal)

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$27.29 billion

Canadian Pacific Railway on Tuesday increased the size of its offer for Kansas City Southern to $27.29 billion, or $300 per share, Reuters reports. The new bid could re-start haggling over the Kansas City-based railroad operator. It comes just more than a week before Kansas City Southern shareholders are scheduled to vote on an offer of $29.56 billion, or $325 per share, from Canadian National Railway, Canadian Pacific’s larger rival. Canadian Pacific initially offered to buy Kansas City Southern in March, before Canadian National upped the ante. Although Canadian Pacific’s bid is still less than its rival’s, Canadian Pacific’s CEO said he believes regulators will reject Canadian National’s takeover offer. A deal between Kansas City Southern and either Canadian company would establish the first direct rail route connecting Canada, the U.S. and Mexico.

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The St. Louis Cardinals are pitching in to encourage people to get vaccinated against COVID-19. The baseball team donated 800 tickets for the St. Louis County Public Health Department to give away to people getting vaccinated at multiple sites across the county, KSDK reports. The vaccine push comes as St. Louis County Executive Sam Page is urging the County Council to adopt a new mask order amid a spike in COVID-19 cases. St. Louis County is averaging 311 new cases per day, six times the level from two months ago. The state’s seven-day average is just under 1,200 new cases per day. The St. Louis County Council meets Tuesday, and a council vote could render moot a state lawsuit against a mask mandate previously issued by Page, the Associated Press reports.

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This startup is working to streamline communication between parents and schools, Startland News reports. ParentSquare recently raised an undisclosed amount from Serent Capital, and it’s looking to expand. The startup acquired Kansas City-based Signal Kit, which made communication tools for school districts, at the start of the pandemic. Since then, ParentSquare has doubled its headcount. The company was a prime example of being in the right place at the right time; just as the pandemic was creating an unprecedented labyrinth of communication for education, the startup was hitting its stride in the exact same niche. With Serent Capital’s funding, further growth could be on the horizon.

It’s been a pleasure doing business with you this morning.


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