THE
Canadian
Pacific Railway (CP) said it was disappointed in the executive and
board of the Norfolk Southern Railway (NS), saying they did not consider the
best interests of the shareholders when they rejected CP's merger proposals,
and that now CP would "review strategic alternatives" without saying
what they were.
Norfolk
Southern rejected Canadian Pacific Railway revised bid, reiterating that it was
"grossly inadequate" and created "substantial regulatory risks
and uncertainties".
CP
said it remained confident that a CP-NS combination would secure regulatory
approval as a seamless coast-to-coast single-haul service benefits shippers,
the industry and the public, and would generate tremendous shareholder value.
"It
is apparent that neither the executive leadership at NS nor its board of
directors are willing to sit down in an open and constructive dialogue about
this transformational opportunity and that the interests of the NS board are
not aligned with the best interests of NS shareholders. Therefore CP will
review its strategic alternatives," said CP.
Source
: HKSG.
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