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Ackman Strikes Back at CP Rail Execs

PERSHING SQUAREBill Ackman struck back at Canadian Pacific Railway (CP) after the company bashed him over alleged leaks yesterday, writes the Wall Street Journal. “Ackman said in a letter to Canadian Pacific that he has a plan to improve the company’s performance, and that plan begins with a new leader.” Ackman continued so to say that the proposed new leader would be railway-industry veteran, Hunter Harrison, who the Globe and Mail reported was Ackman’s pick to replace the current CEO of Canadian Pacific Railway.

In his letter to CP, Ackman wrote:

“I write in response to your letter which I received from the press this morning. I too am troubled by inaccurate press reports about Canadian Pacific. To set the record straight, neither I nor any representative of Pershing Square has made any inaccurate statements to the press. Your letter, however, includes a number of statements that should be corrected so that Canadian Pacific’s stakeholders are fully apprised of the facts.

Contrary to your statement in the letter that no one at Canadian Pacific expressed an interest in meeting with Mr. Harrison, on the Saturday after our Wednesday, November 2 meeting, you called me at home and asked that I arrange a meeting with him. Neither you nor Canadian Pacific expressed concern about Hunter’s contract with Canadian National at that time. Rather, on that Saturday call and in subsequent communications, it was I who explained to you (and subsequently in communications among our respective counsel) that Hunter was subject to a non-compete agreement which would prohibit him from meeting or speaking with representatives of Canadian Pacific until January 1, 2012.”
(Read the complete letter here).

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