On December 8, 2015, CP held a 2.5 hour conference call to discuss its new merger proposal with Norfolk Southern. Quick take: CP is now offering NS shareholders US$32.86/share in cash plus 0.451 of a share in a proposed trust that would own both CP and NS, holding both railroads separate until STB approval of a full merger. Unlike the previous CP proposal that did not pay out cash until the final merger was approved, CP has now offered to pay out the cash on STB approval of the trust structure ( ....
