Canadian Railroad Nominates Activist Ackman For Board

Mar 23 2012 | 12:53pm ET

Canadian Pacific Railway has nominated activist investor and hedge fund manager William Ackman for election to its board of directors.

The move is the latest development in the proxy battle between the Canadian railway company and Ackman’s Pershing Square Capital Management. Ackman wants to replace CP’s chief executive, Fred Green, with former Canadian National Railway CEO Hunter Harrison.

According to Reuters, CP strongly disagrees with Ackman’s plan to replace Green, but said it remained open to having Ackman join its board.  The company had offered the hedgie a seat on the board in 2011, but Ackman turned it down and instead nominated himself and a five-member slate for election.

CP, on Thursday, said it was ready to offer Ackman a seat on the board but questioned the rail industry bona fides of his other nominees.

CP holds its annual shareholder meeting on May 17 in Calgary, Alberta. The railway’s chairman, John Cleghorn, told investors in an open letter on Thursday the meeting is “one of the most important in Canadian Pacific’s history.”

Pershing Square owns 14.2% of CP. The hedge fund manager blames Green for the railroad’s less-than-stellar performance.


In Depth

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note