TOKYO : Japan's troubled Toshiba Corp is going into Thursday's critical shareholder vote on its plan to spin-off its devices business with very long odds.
Toshiba management argues a spin-off is the best way to maximise shareholder value. Sources familiar with the matter have also said Toshiba hopes the plan would lift its share price to the point where activist shareholders would be enticed to leave. Together, Effissimo, 3D and Farallon own around a quarter of Toshiba. All foreign activist funds combined are estimated to hold 30per cent while more broadly overseas investors own 50per cent of the industrial conglomerate.
If the spin-off proposal fails, hedge fund investors are likely to emerge emboldened, gaining momentum in their push for a buyout. But even if management wins, some shareholders plan to fight on regardless, sources familiar with the matter have told Reuters on condition of anonymity. "A private equity solution would be best for shareholders hoping for a quick exit with solid returns, but may not necessarily be best for Toshiba," he added.
Source: News Formal (newsformal.com)
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