BNSF mailing urges shareholders to vote for Berkshire deal
(The following story by Alex Crippen appeared at CNBC.com on January 4, 2010.)
NEW YORK A colorful age brochure is being mailed by Burlington Northern Santa Fe to its shareholders, urging them to vote for the freight railroad's proposed acquisition by Warren Buffett's Berkshire Hathaway.
A copy is included in a filing with the SEC.
The cover features a photograph of BNSF Chairman & CEO Matthew Rose, with Buffett standing behind him. Both men are smiling. Underneath, in orange: "We Need Your Support."
In a letter to shareholders in the brochure, Rose urges them to "vote FOR approval of the acquisition TODAY ... If you do not vote, it will have the same effect as a vote against the transaction."
In a Q&A section, the brochure quotes Buffett on why Berkshire wants to acquire BNSF:
"Our country's future prosperity depends on its having an efficient and well-maintained rail system. Conversely, America must grow and prosper for railroads to do well. Berkshire's $34 billion investment in BNSF is a huge bet on that company, CEO Matt Rose and his team, and the railroad industry. Most important of all, however, it's an all-in wager on the economic future of the United States. I love these bets."
BNSF has scheduled a special meeting of shareholders for February 11 to vote on the deal.
age brochure is being mailed by Burlington Northern Santa Fe to its shareholders, urging them to vote for the freight railroad's proposed acquisition by Warren Buffett's Berkshire Hathaway.