CALGARY,
AB, May 10, 2022 /PRNewswire/ - Canadian
Pacific (TSX: CP) (NYSE: CP) said today it has received notice of
an unsolicited mini-tender offer from TRC Capital Investment
Corporation ("TRC") to purchase up to 1.5 million common shares of
Canadian Pacific, representing approximately 0.16 percent of the
outstanding shares of common stock, at a price of C$88.50 per share.
CP does not endorse this unsolicited offer, and advises CP
shareholders that the offer has been made at a price 4.37 and 4.49
percent respectively, below market price, as of CP's closing price
on the Toronto Stock Exchange and the New York Stock Exchange on
May 2, 2022, the date of the offer.
CP has no association with TRC Capital or its offer, and recommends
that shareholders do not tender their CP shares to the offeror.
The Canadian Securities Administrators have issued long-standing
guidance on the practice of mini-tenders, which can be found
here.
Additionally, the SEC has cautioned investors about mini-tender
offers noting that "some bidders make mini-tender offers at
below-market prices, hoping that they will catch investors off
guard if the investors do not compare the offer price to the
current market price." The SEC published investor tips
regarding these offers on its website which can be found here.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the
United States with direct links to major ports on the west
and east coasts. CP provides North American customers a competitive
rail service with access to key markets in every corner of the
globe. CP is growing with its customers, offering a suite of
freight transportation services, logistics solutions and supply
chain expertise. Visit cpr.ca to see the rail advantages of
CP. CP-IR
View original
content:https://www.prnewswire.com/news-releases/cp-shareholders-should-reject-trc-capital-investment-corp-mini-tender-offer-301543285.html
SOURCE Canadian Pacific