a). Why does Canadian Pacific want to acquire Norfolk Southern? 

b). Do you believe there is a compelling economic rationale for the merger? 

c). What is the present value of the projected merger benefits in Table A as of December 31, 2015? 

d). Are the projections reasonable? 

e). How does the present value of the pre-merger operational improvements compare to the post-merger combination synergies? (Please assume a railroad WACC of 7.9% and a corporate tax rate of 36%.)rn

(FROM THE CASE "CANADIAN PACIFIC BID'S FOR NORFOLK SOUTHERN")rn