Norfolk board rejects Canadian Pacific's $28.4 bln offer

Fri Dec 4, 2015 7:22am EST
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Dec 4 (Reuters) - U.S. railroad operator Norfolk Southern Corp said its board unanimously rejected Canadian Pacific Railway Ltd's $28.4 billion acquisition proposal, saying the offer undervalued the company and could raise regulatory hurdles.

"There is a high probability that, after years of disruption and expense, the proposed combination would be rejected by the Surface Transportation Board," Norfolk CEO James Squires said. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)