From Canadian Press.
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."
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