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  • May 2016 (Revised September 2017)
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Canadian Pacific's Bid for Norfolk Southern

By: Benjamin C. Esty and E. Scott Mayfield
  • Format:Print
  • | Language:English
  • | Pages:21
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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 E. Scott Mayfield. "Canadian Pacific's Bid for Norfolk Southern." Harvard Business School Case 216-057, May 2016. (Revised September 2017.)
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About The Authors

Benjamin C. Esty

Finance
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E. Scott Mayfield

Finance
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Related Work

    • April 2016
    • Faculty Research

    Canadian Pacific's Bid for Norfolk Southern Spreadsheet Supplement

    By: Benjamin C. Esty and Scott Mayfield
    • October 2017
    • Faculty Research

    Canadian Pacific's Bid for Norfolk Southern

    By: Benjamin C. Esty and E. Scott Mayfield
    • May 2016 (Revised September 2017)
    • Faculty Research

    Canadian Pacific's Bid for Norfolk Southern

    By: Benjamin C. Esty and E. Scott Mayfield
Related Work
  • Canadian Pacific's Bid for Norfolk Southern Spreadsheet Supplement By: Benjamin C. Esty and Scott Mayfield
  • Canadian Pacific's Bid for Norfolk Southern By: Benjamin C. Esty and E. Scott Mayfield
  • Canadian Pacific's Bid for Norfolk Southern By: Benjamin C. Esty and E. Scott Mayfield
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