December 10, 2015 | CP, Headlines, NS
(Source: New York Times, December 8, 2015) NEW YORK — William A. Ackman’s convoluted North American rail merger is a tough sell. Canadian Pacific revised its offer for the American railway operator Norfolk Southern on Tuesday to include an interim trust structure and...
December 10, 2015 | CP, Headlines, NS
(Source: Reuters, December 9, 2015) BOSTON — Billionaire investor William Ackman is playing an outsized role in railway Canadian Pacific’s plan to buy rival Norfolk Southern, underscoring his efforts to bring home a deal to salvage an otherwise awful 2015 for...
December 10, 2015 | CP, Headlines
(Source: CBC News, December 8, 2015) CALGARY — Transport Canada alleges three CP Rail supervisors — not the train crew — are responsible for leaving 57 rail cars parked on a mountain slope without proper handbrakes earlier this year above Revelstoke, B.C. Two of the...
December 10, 2015 | CP, Headlines, NS
(Source: Editorial in the Roanoke Times, December 9, 2015) ROANOKE, Va. — In 2005, Bill Ackman’s Pershing Square group bought into the Wendy’s hamburger chain, and forced the board to sell off its Tim Hortons doughnut business, bringing in $670 million for Wendy’s...
December 10, 2015 | CP, Headlines, NS
(Source: Associated Press, December 8, 2015) OMAHA, Neb. — Norfolk Southern rejected Canadian Pacific’s latest takeover offer less than an hour after it was announced Tuesday, but the Canadian railroad now appears ready to take its case directly to the...
December 9, 2015 | CP, Headlines, NS
(Source: Norfolk Southern press release, December 8, 2015) NORFOLK, Va. — Norfolk Southern Corporation (“the Company”) today confirmed that it has received a revised, reduced proposal from Canadian Pacific. Norfolk Southern noted that Canadian...
December 9, 2015 | CP, Headlines, NS
(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...
December 9, 2015 | CP, Headlines, NS
(Source: Canadian Press, December 8, 2015) MONTREAL — Canadian Pacific Railway has dropped the gloves in its battle to acquire Norfolk Southern after the U.S. railway immediately rejected a revised takeover offer. The Calgary-based company enlisted the help of...
December 9, 2015 | CP, Headlines, NS
(Source: Virginian-Pilot, December 8, 2015) NORFOLK, Va. — Norfolk Southern Corp. confirmed Tuesday that it received a new merger proposal from Canadian Pacific, then promptly rejected it just a few days after spurning the first offer. Full story:...
December 9, 2015 | CP, Headlines, NS
(Source: Railway Age, December 7, 2015) NEW YORK — About 71% of rail shippers surveyed by Cowen and Company do not support a merger between Canadian Pacific (CP) and Norfolk Southern (NS), even though opposition to a Class I merger per se has dropped, the company...
