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Egan-Jones is the latest proxy advisory firm to step into the board battle between activist investor Ancora Holdings Group and railroad operator Norfolk Southern Corp.
Norfolk Southern Corp. touted the company's progress and took aim at activist investor Ancora Holdings Group in a letter sent to shareholders Wednesday.
Norfolk Southern's Q1 results were lacklustre due to the impact one-off costs and a lack of top-line growth had on net income. Nevertheless, much of Norfolk's revenue weakness is tied to a soft macroeconomic environment rather than inherent business weaknesses at the railroad. Norfolk still faces risk from market cyclicality, operational safety issues, and competition from other railroads and trucking.
Influential proxy-advisory firm Institutional Shareholder Services has entered Norfolk Southern Corp.'s intensifying board battle with activist investor Ancora Holdings Group.
ISS recommended that shareholders support five of Ancora's seven nominees and seven Norfolk Southern nominees.
Norfolk Southern CEO Alan Shaw joins 'Closing Bell Overtime' to discuss the ongoing fight with Ancora and respond to proxy advisor firm Glass Lewis siding with the activists ahead of the May 9th vote. Plus, Shaw updates on the progress the railroad is making on its operations to its operating ratio.
The activist investors trying to take control of Norfolk Southern's board are picking up key support, but the railroad's CEO promised Monday to fight the takeover attempt until a May 9 shareholder vote because he believes his strategy is the best in the long run for investors, customers and workers.
The war of words in the board battle between Norfolk Southern Corp. and Ancora Holdings Group intensified Monday after the activist investor clinched the support of the Brotherhood of Locomotive Engineers and Trainmen Division of the International Brotherhood of Teamsters.
Norfolk Southern shareholders should vote for activist Ancora's nominees, proxy advisor firm Glass Lewis recommended, a strong sign of support ahead of a May 9 meeting.
The activist at Norfolk Southern won support of the Teamsters union, a key endorsement as Ancora seeks to convince shareholders their plan is the right option.