Hedge fund Toms Capital Investment Management has asked to meet with the board of U.S. railroad operator CSX after accumulating roughly 5.6 million shares in the company during the second quarter, according to people familiar with the matter. The move has heightened expectations that the New York-based fund, led by Ben Pass, will press CSX to consider strategic options, including a potential merger. The pressure on CSX is intensifying from multiple fronts. Activist investor Ancora Holdings, which also began building a position in the Jacksonville, Florida-based railroad this year, has privately told the company it should pursue a deal with a rival or replace Chief Executive Officer Joseph Hinrichs and is prepared to launch a proxy fight if the board demurs. Investor agitation comes amid a wave of consolidation in North American freight rail. Last month Union Pacific agreed to acquire Norfolk Southern for $71.5 billion, a combination that still requires approval by the U.S. Surface Transportation Board. That transaction has prompted speculation that CSX may need to secure its own partner, with investors citing Berkshire Hathaway-owned BNSF Railway as one possible counterparty.