secwatch.observer — SEC 8-K summary
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Issuer:     UNION PACIFIC CORP (UNP)
CIK:        0000100885
Form:       8-K
Filed at:   2025-11-06T23:59:59+00:00
Accession:  0001193125-25-270046
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

Union Pacific and Norfolk Southern supplement merger proxy after shareholder lawsuits
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/100885/000119312525270046/0001193125-25-270046-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/100885/000119312525270046/d84472d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-270046

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer