[Editor's note: This story has been updated to include CP's response, which was issued this afternoon.]
Norfolk Southern Corp.'s board has unanimously rejected Canadian Pacific's latest merger proposal, NS officials announced today.
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The Andersons Inc. announced yesterday that it will begin an expansion of its ethanol facility in Albion, Mich.
The expansion project will double the facility's capacity, Anderson officials said in a press release. The facility is served by Norfolk Southern Railway.
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Norfolk Southern Corp.'s board will consult with its financial, legal and regulatory advisers to "carefully consider" Canadian Pacific's latest takeover offer, NS officials announced yesterday.
The only difference in CP's latest proposal from the last offer is the inclusion of a contingent value right (CVR), NS officials said in a press release. Yesterday's proposal did not change terms of CP's Dec. 7th offer, which the NS board rejected unanimously, and did not address "substantial regulatory risks and uncertainties inherent in the proposed combination," the release stated.
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Norfolk Southern Corp. sent a letter today to Canadian Pacific Chief Executive Officer E. Hunter Harrison informing him that the NS board rejects CP's updated buyout offer.
The letter, which NS filed as an 8-K statement, makes official the comments NS officials made in a press release last week after CP updated its original merger proposal.
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Note: This sidebar in the December issue was written prior to NS' rejection of CP's initital buyout offer, CP's second offer, NS' subsequent rebuff of that proposal and several other maneuvers. Follow this link to read the latest on the proposed CP-NS merger.
Norfolk Southern Corp. and Canadian Pacific were business partners that executed the D&H line sale, and now they might become permanent partners.
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