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...
December 9, 2015 | CP, Headlines, NS
(Source: Forbes, December 8, 2015) NEW YORK — Stung by a seemingly unconditional rejection of its $28 billion takeover bid for Norfolk Southern, Canadian Pacific returned to the table on Tuesday with a new offer that included less cash and an overall value its target...
November 30, 2015 | CP, Headlines, NS
(Source: Fortune, November 25, 2015) NEW YORK — Last week, Canadian Pacific Railway made a $28.4 billion takeover bid for Norfolk Southern that would create North America’s third-largest railroad by revenue behind Union Pacific and BNSF. The combined company would own...
November 25, 2015 | CP, Headlines, NS
(Source: Globe and Mail, November 24, 2015) TORONTO — Canadian Pacific Railway Ltd. is still waiting for Norfolk Southern Corp. to respond to a $29-billion (U.S.) takeover offer made more than a week ago. Full story: Globe and Mail
