Pershing Square Capital Management, L.P. has announced that its Town Hall Meeting intended to give Canadian Pacific Railway Limited (NYSE: CP) shareholders the opportunity to meet Pershing Square’s slate of nominees. The activist investor’s slate will stand for election at the May 17, 2012 Annual General Meeting in Calgary for Canadian Pacific.
MAY??? This is going to be a long-term fight by the sound of it (and the history of it).
Each of the five nominees will be at the event, including former CEO of Canadian National Railroad, Hunter Harrison. Bill Ackman of Pershing Square will be available for discussion and analysis of the need for board and management change at Canadian Pacific along with Paul Hilal, a partner at Pershing Square, and Hunter Harrison.
What is interesting is that Canadian Pacific has rallied from under $50 in September and October to above $70 now. The bump up has been enough that many investors riding the Pershing coattails might consider jumping off rather than waiting to see if an activist investors can make a railroad run smoother.
JON C. OGG
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