Bill Ackman has six minutes.
That’s the length of his break during a meeting of the Canadian Pacific Railway Ltd. board in Calgary Thursday morning, which he’s come from New York to attend. The billionaire activist investor and founder of the Pershing Square Capital Management hedge fund is having a busy week.
Canadian Pacific Railway Ltd. says it will meet its financial targets two years early and has set an ambitious set of new goals for 2018, including more than doubling its earnings per share.
“Our transformation over the last two years has been nothing short of remarkable, but the journey is far from over,” CEO Hunter Harrison said in a statement Wednesday.
TORONTO — The Canada Pension Plan Investment Board, one of the world’s largest pension funds, said it has voted to support Agrium Inc’s board nominees ahead of a shareholder meeting next week, in a blow to activist investor Jana Partners.
The Canadian fertilizer maker and farm products retailer Agrium has been locked in a war of words for months with activist investor Jana Partners LLC, a New York-based hedge fund.
Remember when U.S. hedge fund manager Bill Ackman railed against the cozy corporate culture of the Canadian establishment during his bruising proxy battle to unseat the blue-chip board at Canadian Pacific Ltd. last year?
Recall his lament of how difficult it was to recruit candidates to join his activist campaign because folks were unwilling to “stick their necks out” when his New York-based firm Pershing Square Capital Management LP launched an assault to force the ouster of Fred Green, chief executive of one of this country’s most venerable and underperforming companies.
Canada’s rules on poison-pills and the relative ease with which investors can call for shareholder meetings make the country a friendlier place for shareholder activists than the U.S., said Bill Ackman, the billionaire hedge-fund manager.
“It’s a better regime in almost every measure,” he said during an Ontario Securities Commission event in Toronto. Canadian regulators often remove poison pills — shareholder rights plans that can be used to fend off an unsolicited bid — after a short period.
The war of words over a takeover offer that no one will acknowledge publicly and may never get off the ground continued on Thursday, with Canadian Pacific Railway Ltd. director Bill Ackman saying rail consolidation could “meaningfully” improve industry efficiency.
By Takeover Analyst:In previous articles, I have expressed my bullish outlook on the rail industry. In this one, I argued, frankly, that "railroad stocks are heading skyward". Satiating my interest in railroads with my background in proxy fights, it is interesting to watch the battle going on at Canadian Pacific (CP).
CSX Corp. appears to be building a moat between itself and any potential takeover bid, with record third-quarter earnings, a strong growth outlook for 2015 and a warning from the CEO that rail consolidation could result in “severe service disruptions.”
Pershing Square Capital Management LP said Monday it plans to sell up to seven million of its shares in Canadian Pacific Railway Ltd. over the next six months to a year.
The New York-based hedge fund said it intended to unload the shares, which amount to roughly 30% of its stake in the railway.
Bill Ackman, Pershing Square chief executive, successfully led a proxy battle at the railway to see Hunter Harrison replace the company’s former CEO, Fred Green, last year.