CN issues shareholder letter to counter TCI claims

CN today issued a letter to shareholders in connection with its upcoming special meeting slated for March 22, 2022, and in response to recent materials filed by CIFF Capital and TCI Fund Management (collectively TCI).

The letter outlines what CN's board and management team believe are TCI's "misleading claims" about the company, which CN officials said have been "disruptive" to the railroad's "sustainable value creation efforts."

TCI — the largest shareholder of Canadian Pacific, CN's direct competitor — recently increased its stake in CN so that it could launch a hostile effort to replace four of CN's independent board directors and direct the selection of the company's next executive officer.

"We believe that as you come to learn more about TCI and its plans for CN, you will see that its motives are highly suspect and its approach to railroading is outdated, myopic and destructive to longer term value," CN's letter states.

A copy of CN's letter can be accessed by clicking here.