Canadian Pacific Railway is preparing to make a new, higher bid for Kansas City Southern, in an effort to usurp the U.S. railroad’s pending deal with rival Canadian National Railway. The board of Canadian Pacific met to authorize an offer of about US$300 a share, or about US$27 billion, the newspaper reported, citing people familiar with matter. It’s possible the railroad won’t follow through and actually make the bid, the Journal said. The latest development adds another twist in the two-way race to see which Canadian railroad will win Kansas City Southern and, in doing so, unite rail networks that stretch southward through the heart of the U.S. and deep into industrial Mexico. If successful, Canadian Pacific would get a bit of retribution after Canadian National intervened with a US$30 billion offer to top CP’s US$25 billion bid.