SCHEDULE 14A INFORMATION
Soliciting Materials Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
[Amendment No............]
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14a-6(e)(2))
/ / Definitive Proxy Statement (Revocation of Consent Statement)
/X/ Definitive Additional Materials
/ / Soliciting Material Pursuant to Section 240.14a-12
WISCONSIN CENTRAL TRANSPORTATION CORPORATION
--------------------------------------------
(Name of Registrant as specified in its charter)
(Name of person(s) filing proxy statement if other than Registrant)
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Sch 14A - Cover Page
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WISCONSIN CENTRAL TRANSPORTATION CORPORATION
Reports That ISS Recommends Stockholders Reject Burkhardt Group's
Attempt to Seize Control
ROSEMONT, Ill. -- December 5, 2000 -- (Nasdaq:WCLX): Wisconsin Central
Transportation Corporation ("WCTC") reported today that Institutional
Shareholder Services ("ISS"), the world's leading proxy voting advisory service,
has recommended that its clients vote AGAINST the attempt by a group of
dissidents led by Edward A. Burkhardt (the "Burkhardt Group") to replace the
WCTC board with its own nominees. The WCTC board unanimously opposes the
Burkhardt Group's consent solicitation to seize control of the company.
ISS, which provides proxy advisory services to institutional investors,
mutual funds, and other fiduciaries, noted in its December 4, 2000 report that
"...the dissidents seek a change in control of the company without any premium
being paid to shareholders." In recommending the rejection of the Burkhardt
Group's proposal to replace the WCTC board, ISS stated: "In conclusion,
management has demonstrated its commitment to a sale of the company having been
involved in the process for over a year. Removal of the board and management may
only impose delay in this process."
Thomas F. Power, Jr., President and Chief Executive Officer of WCTC,
stated: "We are gratified that a neutral, experienced outside observer has
recommended that WCTC stockholders reject the Burkhardt Group's efforts to seize
control of the company. We look forward to continuing our efforts to maximize
value for all WCTC stockholders."
The company urges its stockholders to support the company's current
directors and withhold consent from the Burkhardt Group. Copies of the company's
materials are available from D.F. King & Co., Inc. at (800) 769-4414.
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About Wisconsin Central Transportation Corporation
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 Australian mainland and in Tasmania.
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.
Shares of Wisconsin Central Transportation Corporation are publicly traded on
The Nasdaq Stock Market(R) under the symbol WCLX. For more information, see our
home page: www.wclx.com .
CONTACTS:
Ann G. Thoma George Sard/Paul Caminiti/Hugh Burns
Wisconsin Central Citigate Sard Verbinnen
Transportation Corporation (212) 687-8080
(847) 318-4588
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