Kansas City Southern Railroad has rejected the latest bid of $31 billion from Canadian Pacific in an attempt to keep its planned merger with Canadian National on track. Kansas City Southern said Aug. 12 that its board unanimously decided to continue backing CN’s higher offer of $33.6 billion. KCS shareholders are scheduled to vote Thursday on whether to accept CN’s offer, but the U.S. railroad said it may delay that vote if the U.S. Surface Transportation Board doesn’t issue its decision on a key part of CN’s acquisition plan before tomorrow. CN proposes to use a voting trust that would acquire KCS and hold the railroad during STB’s review of the overall deal.

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