Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Pershing Square Issues Letter To Canadian Pacific Railway's Shareholders

RELATED NEWS
Trade CP now with 

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: Quote, 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.

Click here to receive FREE breaking news email alerts for Canadian Pacific Railway Limited and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Computer and printer maker Hewlett-Packard Co. (HPQ) said Wednesday after the markets closed that its third quarter profit fell 29% from last year, hurt mainly by higher restructuring charges even as revenue grew 1%. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue beat analysts' forecast. Stocks fluctuated over the course of the trading day on Wednesday before ending the session mostly higher. The Dow and the S&P 500 both finished the day in positive territory, although the tech-heavy Nasdaq posted a modest loss. President Barack Obama spoke harshly of the terrorist group allegedly responsible for the execution of American freelance journalist James Foley in a statement on Wednesday. Obama described the group known as the Islamic State of Iraq and the Levant, or ISIL, as a cancer that needs to be extracted.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.