Canadian Occidental Petroleum Ltd.: The Wascana Energy Inc. Decision Harvard Case Solution & Analysis

Wascana Energy Inc., an oil and gas producer, had only rejected an unsolicited $1.8 billion takeover offer from Talisman Energy Inc. Rival Canadian Occidental Petroleum Ltd. had obtained access to confidential Wascana data in order to decide whether a higher bid than Talisman's was justified, and if so, how to structure the deal. The acquisition would have to make strategic sense.

Learning Objective: This case can be used in an introductory finance course to teach students about valuation in a strategic setting. Pupils should be knowledgeable about cost of time and capital value of money concepts prior to analyzing this case.

Specifically, this case was made to provide the opportunity for pupils to learn about: the oil and gas industry; valuation of petroleum and gas companies; mergers and acquisitions and "playing the game", including pre-acquisition agreements and shareholder rights plans; the strategy involved in merger and acquisition scenarios.

Publication Date: 10/24/1997

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