On Tuesday, the activist investor and hedge fund released a letter it sent on Aug. 6 to CSX. It demanded the railroad’s management pursue merger talks with the Berkshire Hathaway-owned BNSF Railway and the Alberta-based Canadian Pacific Kansas City.

Activist investor Ancora Holdings told railroad operator CSX it should pursue a deal with a rival or replace its chief executive if it doesn’t, according to a letter reviewed by The Wall Street Journal.

Ancora called on CSX to engage with both BNSF and CPKC, as "no railroad has more to lose" if the Union Pacific-Norfolk Southern merger gets approved.