Ackman's Pershing Square Wins Proxy Battle For Canadian Rail

Law360, New York (May 17, 2012, 2:20 PM EDT) -- Pershing Square Capital Management LP manager William Ackman won control of Canadian Pacific Railway Ltd. on Thursday after company executives abruptly resigned just hours before a shareholder vote set to replace them, ending a five-month battle for Canada's second-biggest railroad.

Canadian Pacific Railway Ltd. CEO Fred Green and five directors, including board chairman John Cleghorn, who has publicly backed Green in the face of increasing shareholder pressure, did not seek re-election.

The mass resignation guaranteed a clean sweep for Ackman, whose Pershing Square hedge fund has...
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