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Norfolk board rejects Canadian Pacific's $28.4 bln offer

Published 2015-12-04, 07:22 a/m
© Reuters.  Norfolk board rejects Canadian Pacific's $28.4 bln offer
NSC
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CP
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Dec 4 (Reuters) - U.S. railroad operator Norfolk Southern (N:NSC)
Corp NSC.N said its board unanimously rejected Canadian
Pacific Railway Ltd's CP.TO $28.4 billion acquisition
proposal, saying the offer undervalued the company and could
raise regulatory hurdles.
"There is a high probability that, after years of disruption
and expense, the proposed combination would be rejected by the
Surface Transportation Board," Norfolk CEO James Squires said.

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