December 21, 2015 | CP, Headlines, NS
(Source: Financial Post, December 18, 2015) OTTAWA — Canadian Pacific Railway Ltd.’s takeover bid for Norfolk Southern Corp. rests on the assumption that CEO Hunter Harrison is a railroading Midas who turns everything he touches into gold. But as the ancient myth...
December 21, 2015 | CP, Headlines, NS
(Source: New York Times, December 20, 2015) NEW YORK — When it comes to railroad consolidation, most opponents hark back to the mid-1990s, when a series of mergers at the time were blamed for lost cargo, derailments, death and billions of dollars lost by businesses...
December 18, 2015 | CP, Headlines, NS
(Source: Railway Age, December 17, 2015) NEW YORK — According to Cowen and Company Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl, “The addition of a contingent value right (CVR) is Canadian Pacific’s way of providing Norfolk Southern...
December 18, 2015 | CP, Headlines, NS
(Source: Reuters, December 17, 2015) CHICAGO — Canadian Pacific Railway’s $27 billion bid for Norfolk Southern Corp risks coming unstuck due to regulatory scrutiny of its impact on the U.S. rail market, in particular the possibility it could spark competition-crushing...
December 17, 2015 | CP, Headlines, NS
(Source: Bloomberg, December 15, 2015) NEW YORK — Canadian Pacific Railway’s latest bid for Norfolk Southern fell flat with investors, just like the one that came before it. With each underwhelming offer, the company risks getting beaten at its own game. Full...
December 17, 2015 | CP, Headlines, NS
(Source: Globe and Mail, December 16, 2015) TORONTO — Canadian Pacific Railway Ltd. will seek a merger with another railway if Norfolk Southern Corp. shareholders don’t push the company to discuss a merger, warns Bill Ackman, a CP board member and head of the...
December 17, 2015 | CP, Headlines, NS
(Source: Norfolk Southern press release, December 16, 2015) NORFOLK, Va. — Norfolk Southern Corporation today confirmed that the Company’s board of directors will carefully consider the publicly disclosed, revised proposal from Canadian Pacific with the...
December 17, 2015 | CP, Headlines, NS
(Source: Canadian Press, December 16, 2015) CALGARY — Canadian Pacific Railway’s chief executive says he’s not averse to a bare-knuckle takeover brawl as the company enhanced its bid for Virginia-based Norfolk Southern with a variable payment that could...
December 17, 2015 | CP, Headlines, NS
(Source: Virginian-Pilot, December 16, 2015) NORFOLK, Va. — Canadian Pacific has sweetened its merger offer to Norfolk Southern Corp., though the sugar would kick in only if the stock price of the newly combined company fell below a certain threshold in 2017. Full...
December 16, 2015 | CP, Headlines, NS
(Source: Dow Jones Newswires, December 14, 2015) WASHINGTON, D.C. — Norfolk Southern Co. on Monday officially rejected Canadian Pacific Railway Ltd.’s latest $30 billion bid to merge the two railroads, bringing the rivals a step closer to a potential proxy...
