CP says willing to take Norfolk bid to shareholders
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Norfolk Southern (NSC) Confirms Revised Offer from CP (CP); Says Offer is Less Than Prior Proposal
December 8, 2015 7:41 AM ESTNorfolk Southern Corporation (NYSE: NSC) confirmed that it has received a revised, reduced proposal from Canadian Pacific (NYSE: CP).
Norfolk Southern noted that Canadian Pacific's revised, reduced proposal provides for a per share consideration of $32.86 in cash and a fixed exchange ratio of 0.451 shares in a new company that would own Canadian Pacific and Norfolk Southern, and is valued at $91.62 based on Canadian Pacific's closing price on December 7, 2015. The consideration offered in this revised proposal is less than the prior proposal, which the Norfolk Southern board unanimously determined was grossly... More
