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Norfolk Southern (NSC) Stock Fell as Canadian Pacific Railway Bid Faces Opposition

NEW YORK (TheStreet) -- Norfolk Southern (NSC - Get Report) stock closed down by 3.29% to $81.81 in Monday's trading session as a hostile takeover bid by Canadian Pacific Railway (CP) faces opposition from industry groups.

The groups are urging U.S. rail regulators to block the potential takeover, Reuters reports.

The broad resistance to the hostile bid might negatively impact Canadian Pacific's chances if the deal makes it to a review by the Surface Transportation Board, Reuters adds.

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Norfolk Southern has rejected a number of takeover offers by Canadian Pacific since November. In mid-December, Canadian Pacific Railway sweetened its $30 billion cash-and-stock bid by offering to compensate Norfolk Southern shareholders if Canadian Pacific shares declined during the merger process.

The most recent bid by Canadian Pacific Railway was "grossly inadequate," Norfolk Southern said in a statement.

Separately, recently, TheStreet Ratings objectively rated this stock according to its...