Norfolk Southern Turns Down Third Acquisition Offer, Calling Canadian Pacific’s Bid ‘Grossly Inadequate’
Canadian Pacific Railway Ltd. is weighing options such as a proxy fight after Norfolk Southern Corp.’s board of directors for the third time rejected an acquisition offer as “grossly inadequate” and unlikely to pass regulatory muster.January 4, 2016
Norfolk Southern Corp. for the third time rejected an acquisition offer from Canadian Pacific Railway Ltd., saying the latest proposal also was ” grossly inadequate” and “creates substantial regulatory risks and uncertainties that are highly unlikely to be overcome.”December 23, 2015
Canadian Pacific Railway Ltd. enhanced its offer to acquire Norfolk Southern Corp. by at least 10% and signaled a proxy fight for the U.S. carrier would start in February if there are no talks beforehand.December 16, 2015
Canadian Pacific Railway Ltd.’s bid to merge with Norfolk Southern Corp. has raised concerns among Democratic lawmakers from Illinois, who sent a letter to regulators urging them to consider potential negative impacts on the Chicago rail hub.
The stage is set for a proxy battle between Canadian Pacific Railway Ltd. and Norfolk Southern Corp. after the Canadian company’s $28 billion acquisition bid was again rejected last week by the U.S. company, according to Canadian Pacific’s own signals and analysts’ comments.December 14, 2015
Canadian Pacific Railway revised its $28 billion offer to buy Norfolk Southern, offering the U.S. railway's shareholders a greater percentage of ownership and vowing to reduce their risk of losing money due to regulatory review, but the acquisition proposal once again was rejected.December 8, 2015
Two weeks after Canadian Pacific Railway Ltd. proposed a $28 billion combination with Norfolk Southern Corp., the prospective buyer continues to campaign for a deal, but there was no sign last week that one would materialize.December 7, 2015
Canadian Pacific Railway Ltd. last week presented Norfolk Southern Corp. with an acquisition offer worth at least $28.1 billion, rekindling the fires of rail consolidation that have been dormant since 1999.November 23, 2015
Norfolk Southern Corp. said it is considering an acquisition offer by Canadian Pacific Railway Ltd., worth at least $28.1 billion, that represents the first rail merger proposed since 1999.November 17, 2015
The man brought in to run Canada’s second-biggest railroad likes to say one of his missions is to “make the assets sweat” — in other words, really put them to work. He could say the same about his investment bankers.