TOKYO, Jan 6 — The second-largest investor in Japan’s Toshiba Corp today called for an extraordinary general meeting, seeking to force the company to win two-thirds support for a three-way breakup plan that has angered some major overseas shareholders.by Singapore-based hedge fund 3D Investment Partners marks the latest in a long and acrimonious battle between the once-mighty tech conglomerate and a number of its foreign shareholders, many of them activist funds.
If 3D’s proposal for the meeting were to be accepted, it would trigger a vote that could ultimately scupper the break-up plan, a strategy that carries echoes of a similar move announced last year by General Electric Co., it highlighted concerns about the cost of going ahead with the split before getting a mandate from shareholders, and called for Toshiba to resume its strategic review.
With its proposals, 3D is effectively trying to force the conglomerate to bring forward by more than a year a vote requiring backing from two-thirds of shareholders that is required under Japanese law. Officially, the vote is not slated to be held until the annual general shareholder meeting in 2023.
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