Canadian Pacific offered more details and defended its offer to join two of North America’s biggest railroads, but Norfolk Southern Corp. offered only a lukewarm response and regulators have expressed significant concerns about any rail mergers. Norfolk Southern said the offer of $46.72 cash and 0.348 shares in the combined company represented a premium of less than 10 percent of its stock price on Tuesday. Canadian Pacific said that the offer — valued at $28 billion — could deliver nearly 60 percent premium, but it based its calculation on an estimate of what the combined railroads might be worth next March. While Canadian Pacific promised “a sizable...
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