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Canadian Pacific sends letter to shareholders
Don’t you have to own 51% or more to make demands like that as a share holder?
I would think the same thing. According to the other articles, they only own 14%, but are the largest shareholder. The thing to worry about is that they may sway the other shareholders towards Harrison, and most people don’t want him on the railroad.
One form of this sort of shareholder activism was called “green mail”, wherein the troublemaker with his demands was bought off with a sweetheart deal when he sold his shares to the company. It generally does the target little good to cave in, and often the damage is already done. Think about Carl Icahn and all the companies he has bought into and then started to bully with his demands. He claims he’s protecting all stockholders, not just himself, but the record seems to be otherwise. CP has brought this sort of negative attention upon itself with weak performance for many years.