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Rail News: CSX Transportation

Mantle Ridge responds to CSX's call for shareholders' meeting


Mantle Ridge LP responded yesterday to CSX's call for a special shareholders' meeting to discuss the hedge fund's proposals, which include installing former Canadian Pacific Chief Executive Officer E. Hunter Harrison as the next CEO of CSX.

Mantle Ridge CEO Paul Hilal wrote to CSX's board to comment on a CSX press release reported earlier this week that described the state of negotiations between the parties and the railroad's call for the special meeting. In his letter, Hilal took issue with some of the railroad's views of certain issues discussed as part of the negotiations.

CSX responded last night by saying the board will carefully review Hilal's letter.

"As demonstrated by our recent actions, the CSX board of directors is always willing to engage in constructive dialogue with our shareholders and to consider their views on our company's business and strategy," CSX's latest press release stated.