Hello, MBA readers,
Following the decision by Missouri lawmakers and Gov. Mike Parson to reject funding for the voter-approved expansion of Medicaid coverage to some 275,000 people, the state now faces a lawsuit from individuals who would have qualified for health care coverage under the expansion. The plaintiffs are seeking Medicaid coverage by July 1, the date on which the program would have been expanded under the initiative. Elsewhere, one of the St. Louis area’s largest private companies is set to go public. Core & Main, which distributes drainage and fire protection products, filed paperwork for a public offering. That follows a recent buying spree by the company, which has made a dozen acquisitions since 2017. And, speaking of deals, Kansas City Southern has announced its decision after a bidding war between two Canadian suitors. The Kansas City-based railroad operator has accepted a $33.6 billion buyout offer from Canadian National Railway, abandoning a lower offer from Canadian Pacific Railway.
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Core & Main files for IPO
The Maryland Heights-based distributor of storm drainage, water and fire protection products filed paperwork to go public, but no share price has been revealed. (St. Louis Business Journal)
St. Louis County municipalities receive $46.6 million in COVID-19 relief
St. Louis County said Friday it has granted $46.6 million in federal COVID-19 relief funding to 88 municipalities. (St. Louis Business Journal)
Bass Pro subsidiary buys North Carolina company
White River Marine Group, the boat manufacturing subsidiary of Springfield-based Bass Pro Shops, is purchasing Hatteras Inc., which makes saltwater fishing vessels. Terms of the deal were not disclosed. (Springfield Business Journal)
St. Louis mayor, alderman call for contribution to north city redevelopment
Tina Pihl, who represents the ward in which the City Foundry project is underway, wants the developer of that project to help fund development in north St. Louis. (St. Louis Post-Dispatch)
Broadband startup expands to St. Charles County
Broadband internet service provider Gateway Fiber is building out its network in St. Charles County as part of a $150 million investment in the region. (St. Louis Business Journal)
Garmin integrates DNA-based insights into fitness tech
The Kansas City-area maker of wearables and location technology is adding DNA-based information into its fitness devices through a partnership with genetics and biometrics company InsideTracker. (Kansas City Business Journal)
Kansas City Southern has agreed to a takeover bid with an enterprise value of $33.6 billion from Canadian National Railway, the Kansas City Business Journal reports. In agreeing to the Canadian National deal, the Kansas City-based railroad operator abandoned a bid with an enterprise value of $29 billion from Canadian Pacific Railway. Kansas City Southern and Canadian National expect their deal to close by the end of 2022. The acquisition is viewed as a step toward bridging trade between Canada, the U.S. and Mexico. Despite its lower offer, Canadian Pacific argued its deal was less likely to encounter regulatory roadblocks, the Associated Press reports.
The Republicans in Jeff City denied the state constitution every chance they could. Now it’s time for the courts! https://t.co/EBkyVsWYC2
— Crystal Quade (@crystal_quade) May 20, 2021
Missouri House Minority Leader Crystal Quade, D-Springfield, reacted to a lawsuit filed against the state of Missouri by a group of individuals who would have been eligible for Medicaid coverage under the Medicaid expansion initiative approved by voters in August. The plaintiffs are seeking Medicaid coverage on July 1, the date on which they would have been eligible if Missouri lawmakers and Gov. Mike Parson had approved funding for expansion. The courts will now decide whether the state must go through with Medicaid expansion and provide coverage to individuals who fall within 138% of the the federal poverty line.
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Ford has unveiled a new electric version of its popular F-150 pickup truck, the Kansas City Business Journal reports. It has a sticker price just shy of $40,000, making it one of the least expensive electric trucks on the market. It will be produced at a facility outside of Dearborn, Michigan. The company has not said it plans to produce the electric truck at its Kansas City Assembly in Claycomo, where gas-powered F-150s are made. However, Ford will continue to manufacture its electric Transit van there.