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CP, NS fire opening salvos in 'good faith' takeover talks in proxy statements
THE Canadian Pacific Railway (CP) has filed its definitive proxy statement for its Norfolk Southern Corp (NS) shareholder resolution asking their board of directors to engage in good faith discussions with CP regarding a takeover.
CP also filed a letter that will be sent to all NS shareholders about the opportunity to create significant value for NS shareholders through the proposed merger.
In filing its own definitive proxy statement, Norfolk Southern stated: "The shareholder proposal from Canadian Pacific is unnecessary because Norfolk Southern would have discussions with CP if it obtains a declaratory order and states a willingness to meaningfully increase its offer."
Said CP chief executive Hunter Harrison: "CP has consistently stated that we are open to discussing all terms of a potential deal, including price, but we can't negotiate with ourselves."
CP said its proposed merger with NS would create a true end-to-end transcontinental railway that would enhance competition, benefit the public and drive economic growth.
CP also filed a letter that will be sent to all NS shareholders about the opportunity to create significant value for NS shareholders through the proposed merger.
In filing its own definitive proxy statement, Norfolk Southern stated: "The shareholder proposal from Canadian Pacific is unnecessary because Norfolk Southern would have discussions with CP if it obtains a declaratory order and states a willingness to meaningfully increase its offer."
Said CP chief executive Hunter Harrison: "CP has consistently stated that we are open to discussing all terms of a potential deal, including price, but we can't negotiate with ourselves."
CP said its proposed merger with NS would create a true end-to-end transcontinental railway that would enhance competition, benefit the public and drive economic growth.
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