(TCI and 3G issued the following on July 25.)
NEW YORK — The Children’s Investment Fund Management (UK) LLP (“TCI”) and 3G Capital Partners, Ltd. (“3G”) today issued the following statement regarding the refusal by CSX Corp. to seat all elected directors upon certification of the election results:
“We are deeply troubled by CSX’s stated intention not to seat all elected directors upon certification. We believe the certification process will confirm that shareholders have elected four of our nominees to the CSX Board. This latest tactic should be seen for what it is – a cynical attempt to thwart the expressed will of CSX shareholders.
“CSX is unilaterally and illegally purporting to grant itself the share sterilization remedy that two courts have already denied it on three previous occasions. Compliance with a federal court’s decision is not optional. We urge the Company to respect the law and the will of its shareholders by seating the elected board of directors immediately after the election results are certified – and to stop unnecessarily delaying the certification process.”
About TCI
TCI is a London-based asset manager founded in 2003 which manages The Children’s Investment Master Fund. TCI makes long-term investments in companies globally. The management company is authorized and regulated in the United Kingdom by the Financial Services Authority. The majority of TCI’s profits go to The Children’s Investment Fund Foundation, a non-profit organization focused on improving the lives of children living in poverty in developing countries.
About 3G
3G manages a private investment fund that invests in global equities and special situations. 3G Fund L.P. leverages its deep industry and operating expertise in different sectors to identify attractive, long-duration investment opportunities.