CSX Shares Jump On Report Of Canadian Pacific Buyout Offer

CSX Corp. shares jumped in the extended session Tuesday following a report that the railroad operator had been approached by Canadian Pacific Railway Ltd. for a takeover offer. CSX shares surged 4.7% to $25.80 after hours. CSX rebuffed the offer but Canadian Pacific would consider trying again, according to Dow Jones Newswires. Separately, Pershing Square Capital Management, the hedge fund helmed by Bill Ackman, reported that it acquired a 9.1% stake in Canadian Pacific, according to a Securities and Exchange Commission filing late Tuesday.