A group led by Brookfield Asset Management, which includes the Caisse de dépôt et placement du Québec and Goldman Sachs, are preparing an offer to take Canadian Pacific Railway private, according to a report.
The Globe and Mail says the group made a proposal to the railroad company in spring, but was turned down.
“Earlier this year, CP received a highly conditional inquiry from Brookfield seeking exclusive negotiations and due diligence,” the company confirmed in a statement. “CP’s board of directors considered the inquiry to be inadequate after due deliberation and declined to enter into discussions.”
Despite being given the cold shoulder by CP, The Globe reports that the Brookfield group has not given up and has recently asked for another meeting with the company’s board of directors and does not want to make a hostile offer.
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