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...
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