logo
Share SHARE
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

Quick Facts

Editors Pick
Senator Lisa Murkowski, R-Alaska, has expressed support for repealing Obamacare's individual mandate, a key provision Senate Republicans are hoping to use to offset the cost of their tax reform bill. The Congressional Budget Office estimates repealing the requirement that nearly all Americans purchase... Automotive startup Divergent 3D said that a Chinese-led investment syndicate has agreed to commit up to $107 million in financing through a new investment round. Hong Kong-based investment holding company, O Luxe Holdings Limited, led the investment group, which includes Horizons Ventures, Shanghai Alliance Investment Limited and Altran Technologies. Apple Inc. has recently acquired Canada-based startup Vrvana, maker of the Totem augmented reality headset, TechCrunch reported. Both the companies reportedly declined to confirm news about the deal, which is reportedly worth $30 million.
comments powered by Disqus
Follow RTT