Union Pacific and Norfolk Southern will hold shareholder votes on Nov. 14 for an $85 billion transcontinental railroad merger. The boards of both railroads unanimously approved the merger agreement announced on July 29. Shareholders are urged to vote as the merger cannot proceed without their approval. The implied value of the consideration is $320 per Norfolk Southern share, a 25% premium. Upon completion, former NS stockholders will own 27% of UP’s outstanding shares. The merger still requires regulatory review by the Surface Transportation Board with a deadline of Jan. 29, 2026.

Read more at Yahoo Finance: Railroads set shareholder vote on transcontinental merger