The fight for control of Canadian Pacific Railway

When he flew to Montreal three weeks ago to meet with senior officials of Canadian Pacific Railway Ltd., (CP-T58.100.190.33%) Bill Ackman came bearing a thick, limited-edition book.

The weighty volume is Mr. Ackman’s signature opening move. Ever since the New York-based shareholder activist founded Pershing Square Capital Management LP in 2003, nearly two dozen undervalued companies, including Wendy’s International Inc., Target Corp. and J.C. Penney Co. Inc. 

(JCP-N29.61-0.26-0.87%) have received an Ackman book. The confidential studies, often the product of months of work by Pershing Square’s analysts and consultants, are detailed blueprints for boosting long-term profits at companies in his crosshairs.       Full Read