TOSBF - Toshiba's planned split opposed by two proxy advisors top shareholder

Toshiba's (OTCPK:TOSBF) proposal to split into two companies is now opposed by two influential proxy advisory firms, as Glass Lewis has joined ISS in coming out against the plan because the process relied on "flagrantly dubious reasoning" and sidestepped investor feedback, according to Bloomberg. Glass Lewis also recommended investors support a proposal from activist investor 3D Investment Partners for Toshiba to launch a new strategic review to explore other options, including the sale of the company; ISS did not support 3D's proposal for another strategic review. "We believe investors have been provided clear reason to reject a further examination of the plan, as currently structured, and support a fresh process," Glass Lewis said. Toshiba's largest shareholder, Effissimo Capital Management, which owns a ~10% stake in the company, also has come out against the company's split plan, saying such a move would be irreversible and likely detrimental in the longer term.

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Toshiba's planned split opposed by two proxy advisors, top shareholder