TOSBF - Toshiba shareholders nix plans to split in two consider sale

Toshiba (OTCPK:TOSBF) shareholders rejected management's proposal to split the company into two parts, placing the company in a state of limbo after months of arguing over its next steps. Under the plan, Toshiba would have spun off its electronic device business, and the remaining unit would have focused on energy and infrastructure businesses such as power turbines and water treatment systems. A separate proposal by activist shareholder 3D Investment Partners calling for consideration of alternatives including a sale of the whole company also was voted down at a meeting of shareholders in Tokyo. The votes are not binding, and CEO Taro Shimada said the company would consider all options to improve corporate value. The company may make adjustments to its proposal, after already changing the plan once, moving from a three-way to two-way split last month.

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Toshiba shareholders nix plans to split in two, consider sale