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    Home»Deals & Transactions»Major Toshiba shareholder objects to break-up, urges board to solicit offers
    Deals & Transactions

    Major Toshiba shareholder objects to break-up, urges board to solicit offers

    November 25, 2021Updated:November 25, 20211 Min Read
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    Signage for Toshiba Corp. displayed at the company's headquarters in Tokyo, Japan, on Wednesday, April 7, 2021. Toshiba surged its daily limit of 18% after confirming it received an initial buyout offer from CVC Capital Partners, setting the stage for potentially the largest private equity-led acquisition in years. Photographer: Kiyoshi Ota/Bloomberg
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    Toshiba Corp’s second-largest shareholder on Wednesday objected to the Japanese conglomerate’s plan to split itself into three companies and called on it to instead solicit offers from potential buyers.

    Hedge fund 3D Investment Partners, which owns more than 7% of Toshiba, laid out its objections in a three-page letter to the company’s board, becoming the first major shareholder to formally oppose the break-up plan outlined this month.

    Toshiba launched its strategic review after pressure from investors following a governance scandal over management’s alleged collusion with Japan’s trade ministry to pressure foreign shareholders.

    Read more/Source: Reuters

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