Canadian Pacific announces $0.25 dividend

The board of directors of Canadian Pacific Railway Limited declared a quarterly dividend of $0.35 Canadian payable April 25 to shareholders of common stock.    The board of directors of Canadian Pacific Railway Limited yesterday declared a quarterly dividend of $0.35 Canadian (U.S. $0.25) per share of CP common stock.
   The dividend, payable April 25, 2016 to shareholders of record at the close of business on March 24, 2016, is an “eligible” dividend for purposes of the Income Tax Act (Canada) and any similar provincial/territorial legislation, CP said in a statement.
   The Calgary-based Class I railway has recently been involved in a highly public takeover bid for number four U.S. railroad Norfolk Southern. NS has since November rejected three separate cash-and-stock purchase offers from CP valued at around $30 billion, calling them “grossly inadequate” and unlikely to win regulatory approval.
   This prompted CP last week to seek a declaratory order from the U.S. Surface Transportation Board that aims to confirm the “viability of the voting trust structure that CP has suggested as part of its proposed merger with Norfolk Southern Corp. (NS).”