Toshiba shareholders reject proposals to split or consider sale

Asian Tech Press (Mar. 24) -- Japanese electronics giant Toshiba Corp's shareholders have rejected proposals from management and activist shareholders about the company's future.

Management's proposal to split the firm in two has been strongly opposed by foreign shareholders.

Another proposal by the second-largest shareholder, Singapore-based 3D Investment Partners Pte, to reconsider alternatives, including a sale, was also rejected at a shareholders' meeting in Tokyo on Thursday.

Toshiba management and foreign shareholders, who hold about half of the company's shares, have been at odds for years as shareholders demanded higher returns and a broader restructuring.

Many foreign investors said before the vote that they felt Toshiba's management and board had not made every effort to solicit proposals from private equity firms to buy all of Toshiba's shares.

The 146-year-old Japanese conglomerate remains in limbo after the company's management faced another setback in a protracted battle with activist investors.

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