Tried nugget first, failed. If a simple project, should try this first.
https://www.nuget.org/packages/UpgradeMvc3ToMvc4
Then follow instruction from Microsoft to upgrade manually:
http://www.asp.net/whitepapers/mvc4-release-notes#_Toc303253806
In addition to reference above:
1. Change web.config file in view folder as well
<section name="host" type="System.Web.WebPages.Razor.Configuration.HostSection, System.Web.WebPages.Razor, Version=2.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" requirePermission="false" />
<section name="pages" type="System.Web.WebPages.Razor.Configuration.RazorPagesSection, System.Web.WebPages.Razor, Version=2.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" requirePermission="false" />
<host factoryType="System.Web.Mvc.MvcWebRazorHostFactory, System.Web.Mvc, Version=4.0.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" />
2. Add reference to System.Web.Optimization
By run nuget package: Install-Package Microsoft.AspNet.Web.Optimization