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Canadian Pacific has offered $27.2 billion in a cash-and-stock deal, compared with Canadian National’s $29.6 billion offer.
“We did not seek a proxy fight, but without urgent action CN’s operational and financial performance will continue to lag its peers under a board that lacks the right railroad experience and operational expertise,” TCI’s Hohn said in a statement on Monday.
The investment firm, which owns over 5% of Canadian National, said last week it expected to nominate at least five new directors to Canadian National’s board.
TCI’s nominees include: Gilbert Lamphere, chairman of freight rail company MidRail Corp; Allison Landry, an independent director with XPO Logistics (NYSE:XPO); Rob Knight, former chief financial officer of railroad operator Union Pacific Corp (NYSE:UNP); and Paul Miller, a former Canadian National executive.
Canadian National, which has 11 directors on its board, did not immediately respond to a request for comment.
