MONTREAL, Aug 3 (Reuters) - Pershing Square (NYSE:SQ) Capital Management said on Wednesday in a news release it will sell off its 9.8 million-share stake in Canadian Pacific Railway Ltd.
The hedge fund led by Bill Ackman launched a shareholder proxy battle to turn the then-underperforming railroad around in 2012.
J.P. Morgan, Credit Suisse (SIX:CSGN) and BofA Merrill Lynch will act as underwriters for the offering, said the release by Canadian Pacific and Pershing Square.