CP proxy battle win no ‘slam dunk,’ but shareholder support encouraging: Ackman

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).

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.

BOSTON — Hedge fund manager William Ackman is turning up the heat on the man he handpicked to turn around struggling retailer JC Penney. The “criticism is deserved,” Ackman said on Friday of Ron Johnson, the former Apple executive who has been tasked with overhauling the staid retail chain and who has come under fire as the stock price has plummeted 27.6% in the first quarter.

By David Hunkar: Canadian National Railway (CNI) and Canadian Pacific Railway (CP) are the major railroads in Canada. Activist investor Bill Ackman of hedge fund Pershing Square Capital Management has initiated a corporate battle to take control of the Canadian Pacific railroad and implement management changes.

Canadian Pacific Railway named Hunter Harrison as president and chief executive, capping off a successful proxy battle waged by U.S. activist investor Bill Ackman.

(Reuter

Hedge-fund manager Bill Ackman has been racking up shareholder support in his effort to install new board members and replace the management team at Canadian Pacific Railway.

By Insider Monkey: Pershing Square's Bill Ackman is waging war against Canadian Pacific (CP).