Canadian Pacific Railway has dropped the gloves in its battle to acquire Norfolk Southern after the U.S. railway immediately rejected a revised takeover offer.
The Calgary-based company enlisted the help of activist U.S. investor Bill Ackman to challenge the qualifications of Norfolk Southern CEO James Squires and opened the door to launching a hostile bid if the board of the Virginia company continues to oppose negotiations.
"We are going to work and do everything at our disposal to get this to the shareholders and get a resolution to it," Canadian Pacific chief executive Hunter Harrison said Tuesday during a conference call. "If that calls for a proxy, so be it."
Read more at CTV News.