Activist investor Ancora Holdings Group, LLC, a growing shareholder of CSX Corporation, sent a letter to CSX's Board of Directors on August 6, 2025, urging the company to explore a value-maximizing merger or replace CEO Joe Hinrichs. Ancora believes the Board should immediately announce the formal retention of an investment bank and vigorously explore merger options.
Ancora specifically recommended that CSX pursue discussions with both BNSF Railway Company and Canadian Pacific Kansas City Limited as potential merger partners. The activist firm argued that CSX's current standalone future is bleak, citing "anemic TSR, excessive spending, poor recruitment and the deterioration of operations" under current leadership.
The letter emphasized the urgency of action, stating that "no railroad has more to lose" than CSX once Union Pacific and Norfolk Southern potentially begin operating as a unified transcontinental network. Ancora indicated readiness to launch a proxy fight if the Board does not address its concerns in a timely manner.
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