Norfolk Southern: Ancora makes unauthorized, value-destructive commitments on behalf of Norfolk Southern to buy votes
Norfolk Southern issued a statement revealing that Ancora Holdings made unauthorized commitments on behalf of Norfolk Southern to buy votes, violating the Railway Labor Act and attempting to undermine the company's bargaining process. Ancora's actions are seen as a desperate attempt to gain control of the company by making backdoor deals with employee unions, potentially destroying significant value for Norfolk Southern.
Norfolk Southern is committed to responsible operational performance and improving employees' quality of life, in contrast to Ancora's misleading promises and unauthorized financial commitments.
Ancora's unauthorized commitments could limit Norfolk Southern's operational flexibility and destroy shareholder value, potentially harming the company's financial standing.
Clearly demonstrates Ancora's nominees are NOT independent and are beholden ONLY to Ancora, not all shareholders
Ancora is in violation of the Railway Labor Act, attempting to undermine the company's bargaining process
Ancora, a shareholder in Norfolk Southern with no authority whatsoever to enter into any current or future binding agreement on behalf of the company, has negotiated and signed a memorandum of understanding with the BLET that commits its director nominees to future actions if they gain control of the board. Ancora's actions are a blatant attempt to buy votes through backdoor deals to take control of the company. This desperate effort by Ancora, if successful, provides concessions to the BLET that limit operational flexibility and destroy significant value for the company.
Aside from violating the Railway Labor Act rules that grant exclusive negotiating authority to representatives of Norfolk Southern, Ancora has demonstrated that its own nominees are not independent and are beholden only to Ancora. Clearly, Ancora is willing to take any steps to get its nominees elected to the board, including making unauthorized commitments to Norfolk Southern's employee unions to cover up its own management candidates' abhorrent track record with labor.
Together with our unions, Norfolk Southern has made significant progress to create a safer, more productive railroad. Unions representing the majority of our craft workers have publicly supported our strategy and raised concerns about the dangers of Ancora's plan. We remain focused on responsibly improving our operational performance, employees' quality of life and working environment. In contrast, Ancora is misleading shareholders and employees with false promises and unauthorized financial commitments that would destroy shareholder value.
For additional information, please visit VoteNorfolkSouthern.com.
About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the
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SOURCE Norfolk Southern Corporation
FAQ
What did Ancora Holdings do on behalf of Norfolk Southern?
Ancora Holdings made unauthorized commitments on behalf of Norfolk Southern to buy votes, violating the Railway Labor Act and attempting to undermine the company's bargaining process.
What is the potential impact of Ancora's actions on Norfolk Southern?
Ancora's unauthorized commitments could limit Norfolk Southern's operational flexibility and destroy significant shareholder value.
What is Norfolk Southern's response to Ancora's actions?
Norfolk Southern is focused on responsible operational performance and improving employees' quality of life, contrasting with Ancora's misleading promises and unauthorized financial commitments that could harm shareholder value.
