Norfolk Southern rejects Canadian Pacific's revised offer

Mon Dec 14, 2015 9:10am EST
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Dec 14 (Reuters) - U.S. railroad operator Norfolk Southern Corp formally rejected a revised offer from Canadian Pacific Railway ltd, saying it was worth less than CP's earlier proposal.

The revised offer valued Norfolk shares at $88.52 based on Canadian Pacific shares' closing price on Friday, Norfolk said on Monday. Norfolk's shares closed at $89.44 on Friday.

Canadian Pacific first made its offer for Norfolk public on Nov. 17, but met with an unenthusiastic response.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Sriraj Kalluvila)