On December 16, 2015, Canadian Pacific revised its offer for Norfolk Southern, including a Contingent Value Right that adds ~$10/share in value at CP’s current share price. We expect this is the ‘final’ offer out of CP unless NS agrees to negotiate. At this point, the NS board has said it will consider the offer. CP continues to hope that the NS board agrees to a deal; failing that, CP hopes a new slate of directors is appointed at the next Norfolk Southern annual meeting that will be friendlier ....
