On August 2, 2021, Canadian Pacific Railway Ltd. urged the Company's shareholders to reject the deal, saying its regulatory risk could threaten their options - and potential gains. In a regulatory filing, Canadian Pacific warned the Company's shareholders that voting for the offer from Canadian National would lock them into the deal until February 2022, meaning they couldn't accept any better offers that come down the track. In addition, regulatory uncertainty could imperil the deal, CP argues. Shareholders would vote August 19, 2021. The Company previously issued a statement in response to Canadian Pacific's proxy filing, noting that even though CP failed to take advantage of an opportunity to match Canadian National's 'superior proposal' and had not committed to respond in the future, it had continued to criticize the combination.