Norfolk Southern rejects bid from Canadian Pacific Railway

Norfolk Southern has rejected a second buyout offer from Canadian Pacific Railway.

Calgary-based Canadian Pacific revised its offer less than a week after Norfolk said no to a $28.4 billion proposal.

The latest offer was  $32.86 in cash and 0.451 of a share in a new holding company that would own both Norfolk Southern and Canadian Pacific.

"Canadian Pacific's revised, reduced proposal is not only less than what the Norfolk Southern board has already found to be grossly inadequate, it is even more uncertain and risky given the decrease in the cash consideration," Norfolk Southern CEO James Squires said in a statement.

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