Canadian Pacific-Norfolk Bid Faces Bigger Hurdles Than Rivals
Law360, New York (March 2, 2016, 9:45 PM EST) -- Hedge fund-backed Canadian Pacific's pledge to consider suing rival railroads that have been rallying to block its proposed takeover of Norfolk Southern is a premature stumble in a merger dance that experts say will have bigger obstacles when it faces the Surface Transportation Board's more stringent rules for railroad combinations.
Calgary, Alberta-based Canadian Pacific Railway Ltd. said Wednesday that it's considering all of its legal options in response to recent moves by several major U.S. railroads that have stated publicly they are working collectively to block CP's efforts to combine with Norfolk Southern Corp. in a nearly $30 billion proposal unveiled...
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