U.S. fund manager Bill Ackman has declared war on the board of Canadian Pacific Railway Ltd. (CP, Financial), launching a battle for control of one of the country’s most historic companies.
Discussing his intentions for the first time since he acquired a 14.2 per cent stake in CP last fall, Mr. Ackman said in an interview Monday that his New York hedge fund, Pershing Square Capital Management, is soliciting candidates for a new slate of directors to oversee the national railway.
“We intend to run a proxy contest. We’re going to replace CP’s directors,” he said.Read the complete story
Discussing his intentions for the first time since he acquired a 14.2 per cent stake in CP last fall, Mr. Ackman said in an interview Monday that his New York hedge fund, Pershing Square Capital Management, is soliciting candidates for a new slate of directors to oversee the national railway.
“We intend to run a proxy contest. We’re going to replace CP’s directors,” he said.Read the complete story
