Canadian Pacific unveils new website to promote NS merger proposal

Canadian Pacific yesterday launched a new website that highlights what the Class I says would be the benefits of its proposed merger with Norfolk Southern Corp.

The website provides details of CP's proposal, along with details of its next steps in the effort to acquire NS, according to a CP press release.

CP described the merger as a "pro-customer, end-to-end, competition-enhancing business combination proposal."

On Tuesday, CP notified NS of its intent to submit a resolution to NS shareholders to ask the NS board to "engage in good faith discussions" with CP regarding the Class I's proposed takeover of NS. The notification appeared to signal that CP dropped the proxy-fight strategy for its proposed acquisition.

The shareholder resolution — which would be voted on at the NS annual meeting later this year — asks NS shareholders to formally vote "in favor of what they have been saying to CP anecdotally for months," CP said.