JACKSONVILLE, Fla. — CSX Corp. today announced that the outcome of the election of Directors at CSX’s 2008 annual meeting of shareholders is too close to call at this time.
The annual meeting will reconvene at 10 a.m. Friday, July 25, at the company’s headquarters in Jacksonville, Fla., to receive certification of the voting results. This adjournment will allow the independent inspector of elections time to tabulate the voting results.
“We want to express our gratitude for the continued support of our shareholders,” said Michael J. Ward, CSX chairman, president and chief executive officer. “We have met with a large number of our shareholders over the past few months and we appreciate their candor and insights regarding our company. We remain committed to creating further value for all of our shareholders and we look forward to building on our progress towards making CSX the safest, most progressive North American railroad.”
TCI is a hedge fund that formed a group to nominate a slate of directors to stand for election at the 2008 CSX annual meeting.
In March, CSX filed a federal lawsuit against TCI and 3G Capital Partners, alleging violations of federal securities laws. CSX filed the lawsuit in the United States District Court for the Southern District of New York. CSX alleges TCI and 3G violated federal securities laws, including violations of the Securities Exchange Act of 1934.
TCI, which owns nearly 9 percent of CSX’s shares, wants to control five of the board’s 12 seats.
— Wire Reports