Norfolk Southern's stock surges after Canadian Pacific confirms buyout proposal

Discussion in 'Market News' started by sniper-academy, Nov 18, 2015.

Draft saved Draft deleted
  1. sniper-academy

    sniper-academy Administrator Staff Member

    Sep 30, 2011
    Likes Received:
    Shares of Norfolk Southern Corp. surged 6.5% in after-hours trade Tuesday, after Canadian Pacific Railway Ltd. said a proposal to buy the railroad company. That confirmed a report in The Wall Street Journal last week, which said Canadian Pacific's merger proposal was met with a chilly reception, citing a person familiar with the matter. Canadian Pacific said Tuesday that its proposal includes a "sizable premium in cash and stock," and would result in a company with potential for earnings growth that is faster than either company could achieve on their own. At Tuesday's closing price of $86.97 for Norfolk's stock, the company had a market capitalization of $25.97 billion, according to FactSet. The stock has climbed 5.9% over the past three months through Tuesday, but was still down 21% year to date, while the S&P 500 has slipped 0.4% this year.
    Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.
    [​IMG] [​IMG] [​IMG] [​IMG]


Share This Page