TOSBF - Toshiba at a crossroads ahead of critical shareholders' meeting
Toshiba (OTCPK:TOSBF) is gearing up for what stands to be one of the more-contentious and significant shareholder meetings in its nearly 150-year history. And the effects of Thursday's event will likely set the path for the future of the Japanese electronics giant. At issue is Toshiba's (OTCPK:TOSBF) plan to spin off its devices business. That proposal has been met with widespread opposition from many corners, including Effissimo Capital Management, 3D Investment Partners and Farallon Capital Management. Those firms opinions matter as they are the three-largest Toshiba (OTCPK:TOSBF) shareholders. The influential proxy advisory groups Institutional Shareholder Services and Glass Lewis have also come out as opposed to Toshiba's (OTCPK:TOSBF) spinoff plans. For its part, Toshiba (OTCPK:TOSBF) has argued that the spin-off idea would serve to boost its share price to the point that activist investors would either reduce their pressure on Toshiba's management, or even sell their stakes in the company.
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Toshiba at a crossroads ahead of critical shareholders' meeting