(Source: Bloomberg, December 8, 2015)
NEW YORK — Canadian Pacific sure knows how to leave investors wanting more. After an underwhelming bid last month failed to entice Norfolk Southern to entertain a merger, the railroad operator and its No. 1 fan Bill Ackman were back with a revised proposal on Tuesday. Canadian Pacific is now offering Norfolk Southern holders $32.86 in cash and 0.451 of a share in a new combined company. That’s less cash than it was previously proposing, but more equity. How much the bid is actually worth depends on who you ask.
Full story: Bloomberg