Toshiba directors appear to support acquisitions against board opposition

Toshiba’s director, American Raymond Zage, has warned the board of directors as it has agreed to uphold a resolution that could lead to a possible acquisition, according to Reuters.

Former Goldman Sachs banker and hedge fund manager Zage considered supporting the resolution at an extraordinary shareholders’ meeting next week.

Zage believed he was one of the company’s top 100 shareholders.

In March, Toshiba CEO Satoshi Tsunakawa suddenly resigned, probably due to a spin-off plan that fueled shareholder anger. However, Tsunakawa continued to chair the board of directors.

Last week, US hedge fund Farallon Capital Management, advised by Zage, joined investors against the spin-off of Toshiba’s device business.

Singapore-based 3D Investment Partners has also publicly asked Toshiba to offer a buyout.

Shareholders of foreign hedge funds own about 30 percent of Toshiba’s total.

Anusya Rahiri

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