CSX board decision may hint at ongoing talks with hedge fund

AP News
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Posted: Feb 10, 2017 1:09 PM

NEW YORK (AP) — CSX extended its deadline for board nominations, implying that talks with a hedge fund about control of the railroad may be ongoing.

Paul Hilal's hedge fund, Mantle Ridge, is attempting to install railroad executive Hunter Harrison at the head of CSX, which is based in Jacksonville, Florida. Harrison announced his retirement from Canadian Pacific several weeks ago. On Friday deadline for nominations was pushed to Feb. 24.

Michael Ward is currently the CEO of CSX Corp.

A year ago, Harrison led a failed Canadian Pacific bid to acquire Norfolk Southern railroad. Canadian Pacific abandoned its roughly $30 billion bid for Norfolk Southern Corp. after encountering opposition from the railroad, politicians and some customers.

Hilal left Pershing Capital last year to start Mantle Ridge.