Home Business News No. 2 shareholder of Toshiba asked the company to openly seek suitors

No. 2 shareholder of Toshiba asked the company to openly seek suitors

© Reuters. FILE PHOTO: Logo of Toshiba Corp. seen at the company’s facility in Kawasaki, Japan

TOKYO (Reuters) – The second-largest shareholder ofoshiba Corp has called on the Japanese group to conduct a strategic review and explicitly solicit suitors, criticizing the company’s comments about wanting to remain listed. to the list of potential acquisitions.

“We urge the board to openly welcome interest from suitors who can enhance corporate value and ask the board to conduct a formal review of alternatives. strategy, “3D Investment Partners said in a letter to Toshiba’s board of directors (OTC 🙂 on Monday. and publicity.

“In order to proceed with a fair and sound process, Toshiba should clearly state that it is open to alternative ownership structures and to regulate media speculation that the management team and the board of directors. Toshiba’s hobby of maintaining a listed company, “3D, which has a 7.2% stake in Toshiba, said.

Last week, Toshiba rejected a $ 20 billion acquisition request from CVC Capital Partners because of a lack of details.

The industrial conglomerate said it believes that being publicly traded provides a “proper capital structure to enhance long-term value creation” but added that its board will not ignore the issues. proposals, including proposals to take the company privately.

Bain Capital, KKR & Co (NYSE 🙂 Inc and Canada’s Brookfield Asset Management are also looking at potential bids for Toshiba, Reuters reported.

Toshiba did not immediately comment on the letter.

Its shares rose 0.3% to 4,425 yen by mid-Monday.

In the letter, Singapore-based 3D said it estimated Toshiba’s fair share value to exceed 6,500 yen.

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