TOKYO : Toshiba Corp is grappling with difficult decisions as it seeks to muster shareholder support for its plan to split into three companies, with some investors concerned it might set a preliminary bar for approval lower than they would like.
Toshiba has proposed an extraordinary general meeting in the January-March quarter to gauge shareholder support. If it wins support, the company would then proceed with preparations for the breakup which it wants to complete by March 2024. A formal shareholder vote would take place much closer to the timing of the breakup and would by law require two-thirds in favour for it to be approved.
Some shareholders said they would be upset if Toshiba decides it only needs a simple majority at the EGM. One alternative to seeking a direct vote on support for the breakup plan that has been floated among Toshiba's board is asking shareholders at the EGM to instead vote on the reappointment of its board directors, three sources familiar with the matter said.
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