TOSBF - Major Toshiba shareholder opposes split-up plan - Reuters

Toshiba's (OTCPK:TOSYY) second largest shareholder has come out in opposition to the plan to split into three companies, and instead wants it to solicit offers from potential buyers, Reuters reports. According to the report, the letter to the board from 3Dinvestment Partners says the proposed breakup is "extremely unlikely" to resolve any of Toshiba's current problems and is "very likely to create three underperforming companies in the image of today's Toshiba." Reuters says some other hedge fund shareholders also are disappointed that Toshiba turned down the idea of going private. 3DInvestment Partners, which owns more than 7% of Toshiba, becomes the first major shareholder to formally object to the break-up plan that was outlined earlier this month.

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Major Toshiba shareholder opposes split-up plan - Reuters