Having an agreed deal is more likely to be effective than someone just coming in with a hostile bid.

the hostile Norfolk Southern bid is burdened with a series of significant conditions.

Having activist shareholders out there really does embolden the aggressors because they know that when they make a hostile bid, they may be able to get more assistance from shareholders who flow into the stock than they had in the past.

It has all the signs of a hostile bid, and for investors it has come as a bit of surprise. I would expect this to go on for some time, and looking at the stock prices of the two companies, it seems there is more in it for investors.

There is likely to be much deliberation over such a bid and it is almost unthinkable that the U.K. government would not become involved.

It's most likely the largest deal we've done.