Canadian Pacific Railway Reportedly Ends Proxy Fight For Norfolk Southern
Shares of Norfolk Southern Corp. (NYSE: NSC) were highly volatile on Tuesday after reports surfaced that Canadian Pacific Railway Limited (NYSE: CP) plans on abandoning its proxy fight for Norfolk Southern.
Norfolk Southern's stock was trading at an intra-day high of $73.29 on Tuesday before selling off to the $70 per share level on heavy volume.
BREAKING: Canadian Pacific Railway plans to abandon proxy fight for Norfolk Southern, mulling move to push $NSC into takeover talks - DJ
— CNBC Now (@CNBCnow) February 9, 2016
Norfolk Southern has rejected several offers to sell itself to Canadian Pacific.
The reports also suggest that Canadian Pacific is "mulling" a move to push Norfolk Southern into takeover talks.
Shares of Canadian Pacific were trading higher by around 1.63 percent at $123.84 following the report.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.