August 4, 2016 / 2:32 PM / 2 years ago

BUZZ-Canadian Pacific Railway: shares below issue as Ackman leaves the station

(Updates, adds offer price)

** U.S.-listed shares of Canadian Pacific Railway breach issue as William Ackman’s hedge fund exits

** Stock falls as much as 3.8 pct, on track for biggest one-day loss since late Jun. Hits $141.65 session low

** Sources say secondary sale of 9.8 mln shares by Pershing Square Capital Management priced at $142.50, bottom of marketed range

** Canadian Pacific and Pershing Square Capital Management announced after the bell on Wed that the HF sold its remaining 6.5 pct stake

** Pershing previously sold CP shares in Apr via a block trade priced at $149; followed partial divestment of Mondelez International in Mar amid collapse in shares of Valeant

** U.S. listed stock active in early trading on Thurs. More than 2.5 mln shares have exchanged hands, triple avg 30-day volume

** Stock last down 3.4 pct to $142.26. Even with today’s dip, shares still up 11.5 pct this year (RM:

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