Mantle Ridge Files Form 4 on CSX ~ market folly

Monday, October 21, 2019

Mantle Ridge Files Form 4 on CSX

Paul Hilal's investment firm Mantle Ridge LP has filed a Form 4 with the SEC regarding its stake in CSX (CSX).  Per the filing, Mantle Ridge sold 3.45 million shares on October 17th at $67.91.  The filing notes this was "in order to repay Mantle Ridge Fund obligations under a secured credit facility. The Reporting Persons have no current plans to sell any additional shares of the Issuer, although they reserve the right to do so in their discretion."

The Form 4 also shows Mantle Ridge made pro rata distributions of over 34.49 million shares to direct and indirect owners of the Mantle Ridge funds.  Also, 36,813 shares were contributed to certain charitable organizations.

Prior to founding Mantle Ridge, Hilal worked at Pershing Square and runs a similar activist strategy, though more concentrated.

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