Canadian Pacific Balks At Investor's Board Shakeup Plan

Law360, New York (January 24, 2012, 7:28 PM EST) -- Canadian Pacific Railway Ltd., the country's second-largest railroad, is not interested in replacing five members of its board of directors with Pershing Square Capital Management LP executives, according to a statement released Tuesday in response to Pershing's management change suggestion.

Pershing, which upped its stake in Canadian Pacific from 12.2 percent to 12.4 percent in November with a $90 million investment, announced Tuesday that it planned to promote five directors for election to the company's board at its May 17 annual shareholder meeting.

But Canadian Pacific...
To view the full article, register now.