Ackman's Train Deal Idles
Canadian Pacific hasn't done enough to ease regulatory concerns or sweeten its bid.
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Canadian Pacific's pursuit of Norfolk Southern is in limbo, and it may be time to move on.
The $19 billion railroad backed by Bill Ackman has been trying to get its $22 billion U.S. counterpart to work with it on deal talks for months now. On Tuesday, it said it won't force the issue by pushing its own slate of candidates onto Norfolk Southern's board. But Canadian Pacific has also given no sign that it would be willing to raise its most recent proposal -- the latest in a string of underwhelming and increasingly complicated bids that Norfolk Southern has rejected. Canadian Pacific also hasn't pursued a preliminary nod of approval from regulators to clear up antitrust concerns.