On December 23, 2015, Norfolk Southern (NS; NSC-N, no research coverage) mailed the CP Board of Directors and CEO Hunter Harrison to inform them that the NS board had decided to reject CP's offer, for the following reasons: Valuation: the letter noted that NS believed this would be an issue no matter where CP's "Contingent Value Rights" (CVR) traded, and commented that "there is no basis to meet until you...make a compelling offer", saying also that the offer "substantially undervalues the Compa ....
23 Dec 2015
NORFOLK SOUTHERN REJECTS CP TAKEOVER OFFER
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NORFOLK SOUTHERN REJECTS CP TAKEOVER OFFER
Canadian Pacific Kansas City Limited (CP:TSE) | 0 0 1.0% | Mkt Cap: 33,360m
- Published:
23 Dec 2015 -
Author:
Steven I. Paget -
Pages:
3
On December 23, 2015, Norfolk Southern (NS; NSC-N, no research coverage) mailed the CP Board of Directors and CEO Hunter Harrison to inform them that the NS board had decided to reject CP's offer, for the following reasons: Valuation: the letter noted that NS believed this would be an issue no matter where CP's "Contingent Value Rights" (CVR) traded, and commented that "there is no basis to meet until you...make a compelling offer", saying also that the offer "substantially undervalues the Compa ....