Toshiba consider directors from its major shareholders [Farallon Capital Management and Elliott Management]

Toshiba consider directors from its major shareholders [Farallon Capital Management and Elliott Management]

Toshiba is considering accepting directors from its major shareholders, Farallon Capital Management and Elliott Management, respectively. Several people who know the situation have revealed. The voice of both hedge funds will increase at the board of directors , which may affect Toshiba’s management restructuring measures.

Farallon is Toshiba’s third largest shareholder with a stake of over 6%. Elliott also seems to own a little less than 5%. According to three people familiar with the matter, Toshiba is coordinating the appointment of one member from Faralon for the board candidates to be consulted at the annual shareholders meeting in June. In addition, two people concerned are considering appointing one from Elliott.

A Toshiba spokeswoman told Reuters that “no candidates for board have been decided at this time.” Comments from Farallon and Elliott are not available at this time.

There are still few examples of Japanese companies accepting directors from shareholders (activists) who have a track record in Olympus. Activists have mainly requested that Toshiba’s management team, which has been aiming to rebuild its business through a company split, be unlisted.

On the 13th of this month, Toshiba canceled the announcement of the planned appointment of candidates for board members. It was because it would take additional time to be appointed. According to another source, some candidates were delayed in the written confirmation process regarding their interests . and independence.

Toshiba has begun discussions with potential business partners and potential sponsors. As of the 13th, we have accepted nondisclosure agreements from 10 companies.

Related Posts

Leave a Reply

Your email address will not be published.