---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-270046"
form_type: "8-K"
ticker: "UNP"
cik: "0000100885"
company_name: "UNION PACIFIC CORP"
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-16T23:19:04.462049+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Union Pacific and Norfolk Southern supplement merger proxy after shareholder lawsuits

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-270046
- form_type: 8-K
- ticker: UNP
- cik: 0000100885
- company_name: UNION PACIFIC CORP
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/100885/000119312525270046/0001193125-25-270046-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/100885/000119312525270046/d84472d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-270046
- JSON: https://secwatch.observer/filing/0001193125-25-270046.json
- Plain text: https://secwatch.observer/filing/0001193125-25-270046.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.