CSX to purchase approximately 4.7M shares from Mantle Ridge
In a regulatory filing last night, CSX Corporation reported that it had entered into a stock purchase agreement with MR Argent Advisor, on behalf of certain limited partners of its affiliated funds, pursuant to which the company agreed to purchase approximately 4.7M shares of the company's common stock from Mantle Ridge. These shares will be repurchased under CSX's existing $5B share repurchase authorization and funded with cash on hand. The share repurchase has been unanimously approved by the audit committee of the company's board of directors comprised of independent directors who are not affiliated with Mantle Ridge and by the disinterested directors of the company's board of directors. In addition, the company has been advised by Mantle Ridge that an additional approximately 18.8M shares of CSX's common stock has been sold into the market.