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Ackman to join Canadian Pacific CEO in defense of rail deal

Published 2015-12-07, 05:23 p/m
© Reuters. Ackman to join Canadian Pacific CEO in defense of rail deal
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Dec 7 (Reuters) - When Canadian Pacific CP.TO CEO Hunter
Harrison lays out his case for a takeover of railway peer
Norfolk Southern Corp (N:NSC), NSC.N he will have unusual company in
the form of the railroad's biggest shareholder, activist
investor William Ackman.
Canadian Pacific said on Monday that Ackman, who sits on its
board of directors and whose $14.8 billion hedge fund firm
Pershing Square (N:SQ) Capital Management owns a 9.1 percent stake,
would take part in a teleconference with the investment
community on Tuesday together with Harrison and his top
executives.
Four days ago, Norfolk Southern rejected Canadian Pacific's
$28 billion acquisition offer, arguing that regulators would
reject a deal and that it would cost the company revenue and
"harm" the communities it serves.
Ackman handpicked Harrison as CEO after winning a bitter
proxy contest at Canadian Pacific in 2012. He has never
participated before in any teleconference hosted by the company.
Ackman is no stranger, however, to conference calls or
presentations to support an investment thesis. In late October,
he spoke for four hours supporting his investment in Valeant
Pharmaceuticals International Inc VRX.TO after the drugmaker's
pricing and accounting practices attracted criticism.
But 2015 is on course to be a terrible year for the
billionaire investor, with Pershing Square off 17 percent during
the first 11 months after having gained 40 percent in 2014.

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