Pershing Square sells off shares in Canadian Pacific Railway

Wed Aug 3, 2016 5:59pm EDT
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MONTREAL Aug 3 (Reuters) - Pershing Square Capital Management said on Wednesday in a news release it will sell off its 9.8 million-share stake in Canadian Pacific Railway Ltd.

The hedge fund led by Bill Ackman launched a shareholder proxy battle to turn the then-underperforming railroad around in 2012.

J.P. Morgan, Credit Suisse and BofA Merrill Lynch will act as underwriters for the offering, said the release by Canadian Pacific and Pershing Square. (Reporting By Allison Lampert; Editing by Jonathan Oatis)