(CSX issued the following news release on October 20.)
JACKSONVILLE, Fla. — The board of directors of CSX Corporation today approved regular quarterly dividends on the company’s common stock. The 10 cents per share dividend is payable December 15, 2004, to shareholders of record on November 24, 2004.
Recently, the CSX board also approved a policy regarding shareholder rights plans, or “poison pills.” Under this policy, any future shareholder rights plan would only be adopted by a majority of the independent directors of CSX if they determine adoption is consistent with the exercise of their fiduciary duties. In addition, under this policy, any rights plan adopted by the board without shareholder approval would expire in one year unless ratified by shareholders.
CSX does not currently have a shareholder rights plan. Last year its board took action to terminate the CSX rights plan.
CSX Corporation, based in Jacksonville, Fla., owns the largest rail network in the eastern United States. CSX Transportation, Inc. and its 34,000 employees provide rail transportation services over a 23,000 route-mile network in 23 states, the District of Columbia and two Canadian provinces. CSX Corporation also provides intermodal and global container terminal operations through other subsidiaries.