Rail operator Norfolk again rebuffs Canadian Pacific's revised offer
Montreal
CANADIAN Pacific Railway (CP) on Tuesday revised its bid to buy US railroad operator Norfolk Southern Corp, less than a week after its prior US$28.4 billion proposal was rejected, but the new offer was promptly rejected again.
Calgary-based CP said that it was now offering US$32.86 in cash and 0.451 of a share in a new holding company that would own both Norfolk Southern and Canadian Pacific. To alleviate regulatory concerns, CP said t…
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