FONT-SIZE Plus   Neg

Pershing Square Issues Letter To Canadian Pacific Railway's Shareholders

William Ackman of Pershing Square Capital Management, L.P. filed a letter to shareholders regarding the election of the Nominees for Management Change to the Board of Directors of Canadian Pacific Railway Ltd. (CP, CP.TO), in connection with Canadian Pacific's upcoming annual meeting of shareholders to be held on May 17th.

In the letter, William Ackman stated that, if the Nominees for Management Change are elected and the company's performance dramatically improves over the next several years, this will be a great outcome for shareholders. A strong and sustainable turnaround of Canadian Pacific would make clear that the company's performance failures over the last six years were not weather-related, nor due to "structural" limitations, nor any of the other litany of excuses shareholders have heard over the years. It is the rare board that would step aside and allow it to be shown that the failures of the past were due to their own failed oversight.

To send the strongest possible message about the need for change, William Ackman encourages shareholders to withhold their votes from the current directors.

At market value, Pershing Square owns a more than $1.8 billion stake in CP.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Amazon.com Inc. (AMZN) Thursday reported an increase in profit for the third quarter, driven largely by revenue growth, especially at Amazon Web services. However, shares of the online retailer dropped nearly 5 percent in extended session after its profit fell short of Wall Street estimates. The midpoint... Alphabet Inc., (GOOG, GOOGL), the parent company of Google, Thursday reported a jump in third-quarter profit, largely driven by increase in search and advertising revenues. Earnings and revenues for the quarter trumped Wall Street expectations. Alphabet's third-quarter profit rose to $5.06 billion... Despite scandals and the negative impact from last decade's financial crisis, some of the world's largest banks have emerged stronger than before. According to the latest list from Relbanks.com, Chinese banks continued to dominate the global rankings in 2016 for the biggest banks by assets. However,...
comments powered by Disqus
Follow RTT