TCI Reaches the End of the Line at CSX
| April 27th, 2009 | ||
| Late last week the Children’s Investment Fund (TCI) revealed in a SEC filing that it had sold out of its entire 4.5% position in CSX Corp. The 17,796,988 shares were sold on the open market from 4/20 to 4/22 for approximately $513 million. The average sale price of approximately $29 is more than 25% below the $40-$43 range CSX had traded in 2007 when TCI accumulated their position. Along with fellow activist 3G Capital Management, TCI waged a highly publicized battle against CSX Corp from late 2007 through 2008. In the end, the activist firms secured 4 out of 12 board seats at the railroad company. TCI’s founder Chris Hohn will be stepping down from CSX’s board, while the 3G board members are expected to remain. | ||
See Filing | ||
For Detailed Investor Profiles on these Investors, click below: |
3G Capital Management |
The Children's Investment Fund Mgmt |
Related People: Chris Hohn;
Related Entities: 3G Capital Partners LP;
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles
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