Kansas City Southern informed CP Rail Thursday evening that it was terminating their purchase agreement after CN presented a revised US$33.6-billion offer that increased the number of its shares available to KCS shareholders and agreed to cover the break fee. Canadian Pacific Railway Ltd. has a big decision to counter, pocket the US$700 million break fee paid by CN Rail to KCS for terminating the CP purchase agreement, or it could hold tight and wait for a ruling from the US railway regulator, the Surface Transportation Board, on CN’s voting trust of KCS shares. CP Rail responded to the move by criticizing CN’s offer and suggesting it will make a decision by May 21, the imposed deadline. CN has indicated the completion of the transaction is expected to take place in the second half of 2022.