Dec 23 (Reuters) - Norfolk Southern Corp (N:NSC) NSC.N :
* Board of directors unanimously rejects publicly disclosed, revised proposal
from Canadian Pacific
* Canadian Pacific has not sought declaratory order from surface transportation
board on proposed voting trust structure"
* Says in its review, board noted that the only change from Canadian pacific's
prior proposal was to include a contingent value right
* Financial advisors believe that the contingent value right "would trade at a
significant discount"
* Canadian Pacific have "not addressed the significant regulatory issues" that
was previously identified
* Says "do not believe that your voting trust structure would be approved"
* Says Morgan Stanley (N:MS) and Bank of America Merrill Lynch (N:BAC) are acting as financial
advisors to Norfolk
* To Canadian Pacific CEO - "there is no basis to meet until you both make a
compelling offer and address the regulatory issues"
* Source text for Eikon
* Further company coverage NSC.N