Wisconsin Central Transportation Corporation Stockholders Approve Merger Agreement with Canadian National

Apr 04, 2001, 01:00 ET from Wisconsin Central Transportation Corporation

    ROSEMONT, Ill., April 4 /PRNewswire/ -- Wisconsin Central Transportation
 Corporation (Nasdaq: WCLX) (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(R) 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
    ROSEMONT, Ill., April 4 /PRNewswire/ -- Wisconsin Central Transportation
 Corporation (Nasdaq: WCLX) (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(R) 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