TOSYY - Farallon Comments on Privatization Proposal to Toshiba by CVC

Toshiba's Board Has a Duty to Maximize Value by Evaluating the Privatization Proposal in a Sincere Manner through a Fair Process including a Proactive Market Check

Privatization can be an Effective Measure to Improve Toshiba's Governance and Capital Allocation

PR Newswire

SAN FRANCISCO , April 12, 2021 /PRNewswire/ -- Farallon Capital Management, L.L.C. ("Farallon") today commented on the disclosure by Toshiba Corporation ("Toshiba") (6502.T) and media reports of the privatization proposal made by CVC Capital Partners to Toshiba.

Toshiba's board has a duty to maximize mid to long-term enterprise value by evaluating the privatization proposal in a sincere manner through a fair process that includes a proactive market check and formation of an independent special committee. We, as shareholders of Toshiba, expect Toshiba's board to fully fulfill such duty.

We have continued to engage constructively with Toshiba regarding its governance and capital allocation. A privatization is one of the effective measures that can improve these key areas by further aligning the interests of shareholders and management.

About Farallon
Farallon Capital Management, L.L.C., is a global investment firm founded in 1986 and registered as an investment advisor with the United States Securities and Exchange Commission since 1990.  Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis emphasizing capital preservation.  More information on Farallon is available at www.faralloncapital.com .

Disclaimer
This press release is for general information purposes only and is not complete.  Under no circumstances is this intended to be, nor should it be construed as an offer, invitation, marketing of services or products, advertisement, inducement or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or make any type of investment in securities. This press release should not be construed as legal, tax, investment, financial or other advice. Additionally, this press release should not be construed as an offer to buy any investment in any fund or account managed by Farallon Capital Management L.L.C. or any of its affiliates or representatives (collectively, "Farallon").

This press release is not intended and should not be considered to solicit, encourage, induce or seek for Toshiba shareholders to authorize Farallon or any other third party as their proxy in exercising their voting rights on their behalf. Farallon is not soliciting or requesting other shareholders of Toshiba to jointly exercise their shareholders' rights with Farallon (including, but not limited to, voting rights). Farallon declares that it does not intend to be treated or deemed a "joint holder" ( kyo-do hoyu-sha ) under the Japanese Financial Instruments and Exchange Act or a "related person" ( kankei-sha ) under the Foreign Exchange and Foreign Trade Act with other Toshiba shareholders.

This press release is made available exclusively by Farallon and not by or on behalf of Toshiba or its affiliates or subsidiaries or any other person. Farallon is not an affiliate of Toshiba and neither Farallon nor its principals or representatives are authorized to disseminate any information for or on behalf of Toshiba, and nor does Farallon purport to do so.

Media Contacts

In Japan
Propeller Project Labo Inc.
Koji Tanimura
farallon-pr@ppli.co.jp

ASC Advisors
Steve Bruce / Taylor Ingraham
sbruce@ascadvisors.com / tingraham@ascadvisors.com

SOURCE Farallon Capital Management