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.
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).
CALGARY — Pershing Square Capital Management has announced a public offering of more than 5.9 million shares of Canadian Pacific Railway Ltd. that would have a value of more than $880-million at market prices.
The deal makes good on a pledge by activist investor Bill Ackman back in June to divest seven million CP shares within a year, taking advantage of a big run-up in the railway’s stock.
Ackman led a bruising proxy fight against the railway’s previous management aimed at wringing greater value out of CP stock.
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.
CALGARY — Canadian Pacific Railway Ltd. has agreed to sell the western end of its Dakota, Minnesota & Eastern railway in the United States for about US$210-million.
The buyer is Genesee & Wyoming Inc., which operates short-line and regional freight railways in the United States, Australia, Canada, the Netherlands and Belgium.
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.
By Qineqt:The management at Procter & Gamble (PG) is under pressure to improve the company's financial performance; its profits have fallen in the last three years. Bill Ackman, who acquired a stake of about 1%, is pressuring CEO Bob McDonald to improve the bottom line, or resign from his position.
NEW YORK — J.C. Penney’s largest investor and former board member, William Ackman of Pershing Square Capital Management, is selling his nearly 18% stake in the company.
The move to sell 39.1 million shares of the company, announced in a regulatory filing late Monday afternoon, comes two weeks after Ackman resigned from J.C. Penney’s board as part of a deal to resolve an unusually public battle between the activist investor and the struggling department store operator.
Activist investor Bill Ackman blasted the JCPenney board in yet another publicly released letter. Ackman, who is the largest shareholder in the retailer and has a seat on the board, writes about how he thought other board members were excluding him from meetings. That turned out to not be true.