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: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.