U.S. railroad operator Norfolk Southern Corp all but rejected a $28.4 billion acquisition offer by Canadian Pacific Railway Ltd on Tuesday, calling it “low-premium” and warning it would face significant regulatory hurdles.
While Norfolk Southern said it would carefully evaluate the offer, its sour response represents a setback to Canadian Pacific as well as its largest shareholder, William Ackman’s activist hedge fund Pershing Square Capital Management LP.
Read more from Reuters.
Related News
- WE Have the Power to Protect Jobs in Santa Cruz
- Help TD End Drones In Rail Yards
- Leave Rail Safety to Railroaders
- New CSX CEO, Steve Angel, Needs to Learn How to Railroad
- FRA Picked a Side. And It’s Not Railroaders or Rail Safety
- Senators Hawley and Coons Stopping Tier II Pick-Pockets
- Tentative Agreement Reached With CPKC
- Rail Safety Becomes Public Safety Real Quick
- A Bipartisan Push to Give Railroaders What We Have Earned
- When SMART Speaks, Washington Listens