For those who haven't been reading the news as of late there is a pretty interesting fight going on up north between Bill Ackman of Pershing Square Capital and the CEO and Board of Canadian Pacific Railway ("CP"). Bill Ackman thinks CP is undervalued and has taken a large ($1B) stake backing up his conviction. He has proposed a new CEO and a potential board shakeup to close the gap between intrinsic and trading value. The Board at CP didn't like this rebble rousing and sent him a letter. This is his response to that letter.