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  • April 2016
  • Supplement
  • HBS Case Collection

Canadian Pacific's Bid for Norfolk Southern Spreadsheet Supplement

By: Benjamin C. Esty and Scott Mayfield
  • Format:Electronic
  • | Language:English
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Abstract

In December 2015, Canadian Pacific Railroad (CPR) has just made its third bid to acquire Norfolk Southern Corporation (NSC), one of the largest railroads in the United States. Having rejected the prior offers, NSC’s CEO James Squires and the NSC board must now value the current offer including the projected merger synergies as well as a recently-added contingent value right (CVR) designed to “sweeten” the offer, and decide how to respond.

Keywords

Capital Structure; Cash Flow; Cost of Capital; Financial Strategy; Investment Activism; Bids and Bidding; Negotiation Offer; Corporate Strategy; Rail Transportation; Mergers and Acquisitions; Transformation; United States; Canada

Citation

Esty, Benjamin C., and Scott Mayfield. "Canadian Pacific's Bid for Norfolk Southern Spreadsheet Supplement." Harvard Business School Spreadsheet Supplement 216-712, April 2016.
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About The Authors

Benjamin C. Esty

Finance
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E. Scott Mayfield

Finance
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More from the Authors
  • Tempur Sealy International (A, B & C) By: Benjamin C. Esty and Daniel Fisher
  • MTN: Unlocking Value While Driving Socioeconomic Progress By: Benjamin C. Esty, Pippa Tubman Armerding and Dilyana Karadzhova Botha
  • A Better Way to Assess Managerial Performance By: Mihir Desai, Mark Egan and Scott Mayfield
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