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
