- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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