- Canadian Pacific (NYSE:CP) is expected to revise terms of its $28.4B bid for rival Norfolk Southern (NYSE:NSC), with a complex plan that aims to put cash in shareholders' hands ahead of a regulatory review of the deal, WSJ reports.
- In its new bid, CP Rail is expected to offer $32.86 in cash and .451 of a share in a new holding company that would run the two railways, as against its previously rebuffed proposal of $46.72 and .348 shares for each Norfolk share.
- Last week, Norfolk rejected the takeover offer saying the bid would face regulatory hurdles "at any offer price".
- Previously: Canadian Pacific 'disappointed' in NSC bid rejection, plans call (Dec. 04 2015)