Reading Time: 2 minutes Reuters — Canadian Pacific Railway slammed railway Norfolk Southern on Wednesday, accusing it of misleading investors even as CP executives rolled out a new bid with increased shareholder protections to acquire the U.S.-based railroad. Executives from Canada’s second-largest railroad said the deal is now in the hands of Norfolk Southern’s shareholders, and urged its board […] Read more
CP revises hostile bid for Norfolk Southern, again
Norfolk Southern rejects CP’s revised offer
Reading Time: < 1 minute Reuters — U.S. railroad operator Norfolk Southern has formally rejected a revised offer from Canadian Pacific Railway (CP), raising the prospect of a proxy battle. CP shareholder Bill Ackman said last week that CP CEO Hunter Harrison and he have both been sounded out by activists interested in a proxy fight with Norfolk Southern. Ackman […] Read more
CP revises offer for Norfolk Southern, rebuffed again
Reading Time: 2 minutes Reuters — Canadian Pacific Railway (CP) on Tuesday revised its bid to buy U.S. railroad operator Norfolk Southern Corp, less than a week after its prior $28.4 billion proposal was rejected but the new offer was promptly rejected again. Calgary-based CP said it was now offering $32.86 in cash and 0.451 of a share in […] Read more
U.S. railway Norfolk Southern rejects CP offer
Reading Time: 3 minutes Reuters — U.S. railroad operator Norfolk Southern said Friday its board had rejected Canadian Pacific Railway’s US$28.4 billion offer, calling it “grossly inadequate” and could face substantial regulatory hurdles. A struggling coal transportation market, suppressed by weak market demand and global oversupply, has weighed on the earnings of Norfolk, making it more vulnerable as a […] Read more
Running rights on table in CP bid for Norfolk Southern
Reading Time: 2 minutes Canadian Pacific Railway (CP) says it hopes to unclog one of the most infamous rail traffic bottlenecks in the U.S. with a bid to buy railway Norfolk Southern. Confirming a recent news report on its plans, CP announced Tuesday it has sent an offer letter to Virginia-based NS. The Calgary company didn’t disclose any financial […] Read more
CP said exploring Norfolk Southern takeover
Reading Time: < 1 minute Reuters — Canadian Pacific Railway (CP) is looking to acquire U.S. peer Norfolk Southern, business news service Bloomberg reported Monday, citing people familiar with the matter. Canada’s second-largest railroad operator has already raised financing and held early-stage merger talks with Norfolk Southern, Bloomberg reported, citing two of the people. Freight carried by major U.S. railroads […] Read more
Rail consolidation unlikely to involve CP for now: CEO
Reading Time: < 1 minute Toronto | Reuters — Canadian Pacific Railway is unlikely to be involved in the consolidation of the North American industry in the short term, CEO Hunter Harrison said on Monday. Canada’s No. 2 railway, which also has operations in the U.S., discussed a deal with CSX Corp. last year but could not reach an agreement. […] Read more
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