Kansas City Southern said on Sunday it planned to accept Canadian Pacific Railway Ltd’s $27.2 billion cash-and-stock acquisition offer as superior to its $29.6 billion deal to sell itself to Canadian National Railway Ltd. Canadian National now has until the end of Friday to submit a better offer or lose its deal with Kansas City Southern. At stake is the creation of the first direct railway linking Canada, the United States and Mexico. Kansas City Southern’s change of heart came after the U.S. Surface Transportation Board (STB) rejected a temporary “voting trust” structure last month that would have allowed Kansas City Southern shareholders to receive the $325-per-share cash-and-stock consideration under the deal with Canadian National without having to wait for full regulatory approval. Canadian Pacific has had its proposed voting trust cleared by the STB. The regulatory certainty this provided convinced Kansas City Southern’s board to switch to a deal …