Norfolk Calls Canadian Pacific Offer Flawed `At Any Price'

Updated on
  • U.S. railroad says merger unlikely to gain regulatory approval
  • Offer fails `every test in terms of valuation,' CEO says

Norfolk Southern: Canadian Pacific Offer Flawed

Norfolk Southern Corp. rebuffed Canadian Pacific Railway Ltd.’s $28 billion merger proposal as “grossly inadequate,” bolstering its case to shareholders with a plan to shake off its status as an industry laggard in terms of efficiency.

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