Will third time be the charm for Canadian Pacific?

The Canadian railway operator has unveiled a fresh offer for US rival Norfolk Southern (NS) as chief executive Hunter Harrison looks to convince the latter’s investors of the merits of creating a transcontinental railroad network.

The new offer includes a so-called contingent value right, which will have a maximum value of $25, CP said in a statement on Wednesday. The cash and stock components – $32.86 per share in cash and 0.451 of a share in the new combined company – remain unchanged from CP’s previous proposal. NS rejected that last week.

A CVR is an option that represents additional value to NS shareholders should future performance targets be reached. CP officials described it as “an insurance policy against the level of the future share price” during a conference call with analysts Wednesday morning.

NS shares were unchanged in pre-market trading in New York.

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