0001193125-14-167381.txt : 20140429 0001193125-14-167381.hdr.sgml : 20140429 20140429163953 ACCESSION NUMBER: 0001193125-14-167381 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20140429 DATE AS OF CHANGE: 20140429 GROUP MEMBERS: PS MANAGEMENT GP, LLC GROUP MEMBERS: WILLIAM A. ACKMAN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CANADIAN PACIFIC RAILWAY LTD/CN CENTRAL INDEX KEY: 0000016875 STANDARD INDUSTRIAL CLASSIFICATION: RAILROADS, LINE-HAUL OPERATING [4011] IRS NUMBER: 980355078 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-48183 FILM NUMBER: 14794478 BUSINESS ADDRESS: STREET 1: 7550 OGDEN DALE ROAD S.E. CITY: CALGARY ALBERTA STATE: A0 ZIP: T2C 4X9 BUSINESS PHONE: 4033196171 MAIL ADDRESS: STREET 1: 7550 OGDEN DALE ROAD S.E. CITY: CALGARY ALBERTA STATE: A0 ZIP: T2C 4X9 FORMER COMPANY: FORMER CONFORMED NAME: CANADIAN PACIFIC LTD DATE OF NAME CHANGE: 19930507 FORMER COMPANY: FORMER CONFORMED NAME: CANADIAN PACIFIC RAILWAY CO DATE OF NAME CHANGE: 19710818 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Pershing Square Capital Management, L.P. CENTRAL INDEX KEY: 0001336528 IRS NUMBER: 383694136 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 888 SEVENTH AVENUE STREET 2: 42ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-813-3700 MAIL ADDRESS: STREET 1: 888 SEVENTH AVENUE STREET 2: 42ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D/A 1 d720729dsc13da.htm SCHEDULE 13D AMENDMENT NO.12 Schedule 13D Amendment No.12

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED

PURSUANT TO § 240.13d-2(a)

Under the Securities Exchange Act of 1934

(Amendment No. 12)*

 

 

Canadian Pacific Railway Limited

(Name of Issuer)

 

 

Common Shares

(Title of Class of Securities)

13645T100

(CUSIP Number)

Roy J. Katzovicz, Esq.

Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, New York 10019

(212) 813-3700

 

 

with a copy to:

Alan J. Sinsheimer, Esq.

Sullivan & Cromwell LLP

125 Broad Street

New York, New York 10004

(212) 558-4000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

April 28, 2014

(Date of Event Which Requires Filing of This Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 13645T100   Page 2 of 9 Pages

 

  1   

NAME OF REPORTING PERSON

 

Pershing Square Capital Management, L.P.

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ¨        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (See Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7    

SOLE VOTING POWER

 

0

     8   

SHARED VOTING POWER

 

13,938,302

     9   

SOLE DISPOSITIVE POWER

 

0

   10   

SHARED DISPOSITIVE POWER

 

13,938,302

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

13,938,302

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)  ¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

8.0% (1)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IA

 

(1) This calculation is based on 175,116,714 common shares, no par value (“Common Shares”), of Canadian Pacific Railway Limited (the “Issuer”) outstanding as of April 17, 2014 as reported in the Report of Foreign Issuer on Form 6-K, filed by the Issuer on April 22, 2014 (the “6-K”).

 

2


CUSIP No. 13645T100   Page 3 of 9 Pages

 

  1   

NAME OF REPORTING PERSON

 

PS Management GP, LLC

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ¨        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (See Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7    

SOLE VOTING POWER

 

0

     8   

SHARED VOTING POWER

 

13,938,302

     9   

SOLE DISPOSITIVE POWER

 

0

   10   

SHARED DISPOSITIVE POWER

 

13,938,302

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

13,938,302

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)  ¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

8.0% (2)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

(2) This calculation is based on 175,116,714 Common Shares outstanding as reported in the 6-K.

 

3


CUSIP No. 13645T100   Page 4 of 9 Pages

 

  1   

NAME OF REPORTING PERSON

 

William A. Ackman

  2  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ¨        (b)  ¨

 

  3  

SEC USE ONLY

 

  4  

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (See Item 3)

  5  

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)  ¨

 

  6  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

U.S.A.

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

     7    

SOLE VOTING POWER

 

0

     8   

SHARED VOTING POWER

 

13,938,302

     9   

SOLE DISPOSITIVE POWER

 

0

   10   

SHARED DISPOSITIVE POWER

 

13,938,302

11  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

13,938,302

12  

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)  ¨

 

13  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

8.0% (3)

14  

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

 

(3) This calculation is based on 175,116,714 Common Shares outstanding as reported in the 6-K.

 

4


This Amendment No. 12 relates to the Schedule 13D filed on October 28, 2011 and amended on November 22, 2011, December 1, 2011, December 13, 2011, January 24, 2012, February 22, 2012, April 2, 2012, May 18, 2012, January 3, 2013, June 3, 2013, July 30, 2013 and October 25, 2013 (as so amended, the “Original 13D”), by (i) Pershing Square Capital Management, L.P., a Delaware limited partnership (“Pershing Square”), (ii) PS Management GP, LLC, a Delaware limited liability company (“PS Management”) and (iii) William A. Ackman, a citizen of the United States of America (together with Pershing Square and PS Management, the “Reporting Persons”), relating to common shares, without par value (the “Common Shares”), of Canadian Pacific Railway Limited, a corporation organized under the Canada Business Corporations Act (the “Issuer”). Capitalized terms used but not defined herein shall have the meaning set forth in the Original 13D.

Item 1. Security and Issuer.

Item 1 of the Original 13D is amended and supplemented as follows:

The Reporting Persons beneficially own an aggregate of 13,938,302 Common Shares (the “Subject Shares”).

Item 4. Purpose of Transaction.

Item 4 of the Original 13D is amended and supplemented as follows:

The Reporting Persons executed the sale described in Exhibit 99.1 to this Amendment No. 12 for general portfolio management reasons. The Reporting Persons remain the largest shareholder of the Issuer. The Reporting Persons intend to review their investments in the Issuer on a continuing basis and may take such actions with respect to their investments in the Issuer as they deem appropriate, as further discussed in Item 4 of the Original 13D.

Item 5. Interest in the Securities of the Issuer.

Items 5(a) and (b) of the Original 13D are amended and restated as follows:

(a), (b)

Based upon the Report of Foreign Issuer on Form 6-K, filed by the Issuer on April 22, 2014, there were 175,116,714 Common Shares outstanding as of April 17, 2014.

Based on the foregoing, the Subject Shares beneficially owned by the Reporting Persons represent approximately 8.0% of the Common Shares outstanding.

Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares. As the general partner of Pershing Square, PS Management may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares. By virtue of William A. Ackman’s position as the Chief Executive Officer of Pershing Square and managing member of PS Management, William A. Ackman may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) the Subject Shares and, therefore, William A. Ackman may be deemed to be the beneficial owner of the Subject Shares.

As of the date hereof, none of the Reporting Persons own any Common Shares other than the Subject Shares covered in this Statement.

Item 5(c) of the Original 13D is amended and supplemented as follows:

 

(c)

Exhibit 99.1 to Amendment No. 12, which is incorporated by reference into this Item 5(c) as if restated in full, describes all of the transactions in Common Shares and options or other derivatives relating to Common Shares that were effected in the past 60 days.

Item 7. Material to be Filed as Exhibits.

 

Exhibit

  

Description

99.1    Trading data

 

5


SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: April 29, 2014

 

PERSHING SQUARE CAPITAL
MANAGEMENT, L.P.
By:   PS Management GP, LLC,
  its General Partner
By:  

/s/ William A. Ackman

Name:   William A. Ackman
Title:   Managing Member
PS MANAGEMENT GP, LLC
By:  

/s/ William A. Ackman

Name:   William A. Ackman
Title:   Managing Member

 

/s/ William A. Ackman

William A. Ackman

 

6


EXHIBIT INDEX

 

Exhibit

  

Description

99.1    Trading data

 

7

EX-99.1 2 d720729dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Trading Data

 

Name

   Trade Date      Buy/Sell      No. of
Shares/
Quantity
     Unit
Cost
     Strike
Price
     Trade
Amount
     Security      Expiration
Date
 

Pershing Square, L.P.

     April 28, 2014         Sell         1,274,723       $ 149.75         N/A       $ 190,889,769         Common Stock         N/A   

 

Name

   Trade Date      Buy/Sell      No. of
Shares/
Quantity
     Unit
Cost
     Strike
Price
     Trade
Amount
     Security      Expiration
Date
 

Pershing Square International, Ltd.

     April 28, 2014         Sell         1,238,799       $ 149.75         N/A       $ 185,510,150         Common Stock         N/A   

 

Name

   Trade Date      Buy/Sell      No. of
Shares/
Quantity
     Unit
Cost
     Strike
Price
     Trade
Amount
     Security      Expiration
Date
 

Pershing Square Holdings, Ltd.

     April 28, 2014         Sell         691,519       $ 149.75         N/A       $ 103,554,970         Common Stock         N/A   

 

Name

   Trade Date      Buy/Sell      No. of
Shares/
Quantity
     Unit
Cost
     Strike
Price
     Trade
Amount
     Security      Expiration
Date
 

Pershing Square II, L.P.

     April 28, 2014         Sell         16,545       $ 149.75         N/A       $ 2,477,614         Common Stock         N/A