BUZZ-Norfolk Southern Corp: Rejects Canadian Pacific's revised offer

Tue Dec 8, 2015 9:57am EST
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** Railroad operator's shares down 4.7 pct at $87.12; Canadian Pacific's down 5.01 pct at C$171.10

** Norfolk rejects Canadian Pacific's revised merger offer, saying, " is even more uncertain and risky given the decrease in the cash consideration"

** CP offers $32.86 in cash and 0.451 of a share in new holding company that would own both Norfolk and Canadian Pacific

** Norfolk had rejected Canadian Pacific's prior "inadequate" offer of $46.72 in cash and 0.348 of its shares

** Up to Monday's close, Norfolk had fallen 16.5 pct this year, and Canadian Pacific down 21.3 pct