CP shareholders are expected to reject TRC Capital Investment Corp’s mini-tender offer.

CALGARY, Alta., May 10, 2022 /PRNewswire/ – Canadian Pacific (TSX: CP) (NYSE: CP) today announced that it has received notice of an unsolicited mini-tender offer from TRC Capital Investment Corporation (“TRC”) to purchase up to to 1.5 million common shares of Canadian Pacific, representing approximately 0.16% of the outstanding common shares, at a price of CA$88.50 per share.

CP does not approve of this unsolicited offer and advises CP shareholders that the offer was made at a price of 4.37% and 4.49% respectively, below market price, at CP’s closing price at the Toronto Stock Exchange and the New York Stock Exchange on May 2, 2022, the date of the offer. CP has no connection with TRC Capital or its offer and recommends that shareholders do not tender their CP shares to the offeror.

The Canadian Securities Administrators have published long-standing guidance on the practice of mini-tenderings, which can be viewed here.

In addition, the SEC warned investors against mini-tender bids, noting that “some bidders make mini-tender bids at below-market prices, hoping they will take the investors off guard if investors do not compare the bid price to the current market price. The SEC has published investor guidance regarding these offerings on its website, which can be found here.

About Canadian Pacific

Canadian Pacific is a transcontinental railway in Canada and United States with direct connections to major ports on the west and east coasts. CP offers its North American customers competitive rail service with access to key markets around the world. CP grows with its customers, offering a range of freight transportation services, logistics solutions and supply chain expertise. To visit cpr.ca to see the rail benefits of CP. CP-IR

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SOURCE Canadian Pacific

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