OTTAWA (dpa-AFX) - Bill Ackman's Pershing Square has divested its complete holding in Canadian Pacific Railway Limited (CP, CP.TO). Pershing Square Capital Management L.P. announced the commencement of a public offering of 9.84 million of Canadian Pacific's common shares by certain funds managed by Pershing Square.
Of the 9.84 million shares sold, Pershing Square Holdings, Ltd. (PSH) held 4.05 million shares of Canadian Pacific. Upon the closing of this sale, Pershing Square will not own any common shares of Canadian Pacific.
Ackman intends to continue to serve on Canadian Pacific's board of directors until the next annual meeting. Pershing Square intends to use the proceeds of the sale to fund one or more new investments.
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