By Will Robinson, Reporter, Jacksonville Business Journal; October 18, 2019
CSX Corp. (Nasdaq: CSX) has agreed to buy back 4.7 million shares of its stock from Mantle Ridge, the activist hedge fund that brought industry veteran E. Hunter Harrison to the Jacksonville-based railroad and began its transition to a new operating model almost three years ago.
The buyback, announced in a filing with the Securities and Exchange Commission, is part of CSX’s previously announced $5 billion stock buyback program, so no new funds will be allocated for it.