By Adriano Marchese


Canadian Pacific Railway Ltd. advised its shareholders not to tender their shares to TRC Capital Investment Corporation, which has made an unsolicited mini-tender offer to purchase up to 1.5 million shares.

The Canadian railroad said it doesn't endorse the unsolicited offer of 88.50 Canadian dollars a share, or US$68.01, which it said is around 4.5% below market price on the close of May 2, the date of the offer.

The 1.5 million shares would represent around 0.16% of the company's outstanding shares.

"CP has no association with TRC Capital or its offer, and recommends that shareholders do not tender their CP shares to the offerer," it said.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

05-10-22 0855ET