CP terminates efforts to merge with NS

In a press release April 11, 2016, Canadian Pacific Railway (CP) announced that it has terminated its efforts to merge with Norfolk Southern (NS). CP has also withdrawn its resolution asking NS shareholders to vote in favor of good-faith negotiations between the two companies. “No further financial offers or overtures to meet with the NS board of directors are planned at this time,” CP said in their statement. CP CEO E. Hunter Harrison said, “…with no clear path to a friendly merger at this time, we will turn all of our focus and energy to serving our customers and creating long term value for CP shareholders.”