Norfolk Southern rejects Canadian Pacific offer

(AP photo)

(AP photo)

NORFOLK, Va. (AP) _ Norfolk Southern has rejected Canadian Pacific’s proposal to combine the two railroads. Last month Canadian Pacific offered $46.72 cash and 0.348 shares in the combined company.   Norfolk Southern Corp. said Friday that its board determined the proposal was “grossly inadequate, creates substantial regulatory risks and uncertainties that are highly unlikely to be overcome and is not in the best interest of the company and its shareholders.”

Click here for the full Norfolk Southern statement.

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