Toshiba Shareholders Vote Down Competing Proposals, Spin-Off Plan: Reuters

by Shivani Kumaresan, Benzinga Staff Writer

March 24, 2022 7:06 AM | 1 min read |

Multinational conglomerate Toshiba Corp's TOSYY shareholders voted down buyout offers, leading to an uncertain future for the company.
The company's efforts to seek buyout offers and its plan to spin off Toshiba's devices unit failed to gain the required vote, Reuters reported.
The shareholder's rejection has left the company in limbo, with no end in scope for the battle between management and foreign activist hedge funds.
The report added that Toshiba's management has been under pressure from activist funds since it sold 600 billion yen ($5 billion) of stock to several foreign hedge funds in 2017.
Price Action: TOSYY shares closed at $19.55 on Wednesday.

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