Union Pacific and Norfolk Southern supplement merger proxy after shareholder lawsuits

UNION PACIFIC CORP

Three lawsuits filed in NY Supreme Court challenging merger disclosure; Union Pacific and Norfolk Southern deny claims.
Morgan Stanley applied AV/EBITDA multiples of 11.5x-13.5x to NS and 12.5x-14.5x to UNP in fairness analyses.
BofA's DCF for NS used terminal multiples 11.0x-13.0x, discount 8.5%-10.0%; for UNP term multiples 12.0x-14.0x.
Broker price targets: NS range $174-$300 (median $279); UNP range $202-$275 (median $260).
Parties mooting claims voluntarily without admitting liability; special shareholder meetings Nov 14, 2025.

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