CSX has scored a coup in its efforts to win a proxy fight against a pair of hedge funds, one of which is British: It has cast the battle as a matter of national security.
That has prompted howls of outrage from Congress and voluble CNN pundit Lou Dobbs. But, says Andrew Ross Sorkin in his latest DealBook column, it's an absurd situation, especially since Britain's The Children's Investment Fund isn't even seeking a majority of board seats.
Beyond that, however, CSX's fight is a case study of how a company's executives will go to defend themselves -- and how counterproductive those actions can be.
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