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BRIEF-Canadian Pacific Rail comments from conference call

Published 2015-12-16, 10:25 a/m
© Reuters. BRIEF-Canadian Pacific Rail comments from conference call
CP
-

Dec 16 (Reuters) - Canadian Pacific Railway Ltd CP.TO :
* Says increasing value of offer to Norfolk shareholders via a contingent value
right
* Cp rail says this provides up to $3.4 billion of increased value to Norfolk
shareholders
* Cp rail says its offer is very compelling and offers greater value for
Norfolk investors
* Pershing's bill ackman says Norfolk NSC.N has misled its investors about
the value of the cp proposal
* Cp rail says revised offer and cvr issuance reflects cp's confidence in the
ultimate value of the transaction
* Cp rail says revised offer represents about $10 per Norfolk share of
additional value based on the current trading price of cp
* Cp rail says revised offer provides insurance on the ultimate trading value
of cp-Norfolk stock
* Cp rail says the contingent value right will be a highly liquid,
easy-to-value security
* Cp rail says in light of the expected cp-ns trading price in 2017, it expects
payout under the cvr is unlikely
* Cp rail says cp-ns will be able to finance any potential payment under the
cvr with additional borrowings
* Cp rail says even in such a case it would still be able to maintain its
investment grade credit rating
* Cp rail CEO says "if this is going to be a street fight, so be it"
* Pershing's ackman says don't want to throw out Norfolk board, but this
appears to be headed the way of cp proxy battle

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